Real Estate (and Tax Assessments) Continue Growth in Alexandria

You will find no question that Alexandria’s true estate marketplace in 2021 was powerful, with residence values rising considerably. But that usually means increased tax charges are headed towards regional mailboxes. 

The average selling price of a residence bought in Northern Virginia in 2021 was $714,208, an boost of 6.5 percent above 2020’s normal of $670,408. The median value rose by 5 per cent, from $590,000 in 2020 to $620,000 in 2021, according to details introduced by the Northern Virginia Association of Realtors in January. 

Much larger solitary-family properties (four bedrooms or a lot more) posted the biggest common selling price gains, growing 12 percent on normal in contrast to all those sold in 2020, according to NVAR. 

In the Town of Alexandria, houses bought for an common of $592,087 in December 2021. In Fairfax County, the normal was $708, 455.

There may be headwinds on the horizon, nevertheless. As inflation carries on at a file speed — 7.5 percent in the earlier year — and interest premiums start out to climb, customers may truly feel the require to cut down their budgets or hold off moving if they can. The pandemic might also enjoy a factor, dependent on whether there is certainly yet another Omicron-like wave of ailments in the location in 2022.

Greater Tax Costs Coming

In the Town of Alexandria, the all round worth of Alexandria’s taxable property increased 6.24 percent compared to January 2021, according to facts released by regional actual estate officials. That indicates additional tax revenue for the city.

“The equalized tax base elevated by roughly $2.93 million, such as $2.07 billion in appreciation of current qualities and $857.64 million in possibly new growth or improvements,” metropolis officers stated.

• The residential tax foundation elevated by 6.91 percent overall.

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• The average evaluation for all residential home forms (like solitary-family homes, townhomes and condominiums) enhanced by 5.36 percent to $655,901.

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• The common single-household household benefit greater 6.44 percent to $896,176.

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• The typical condominium worth greater by 2.81 percent to $398,470.

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Business properties also observed an boost in benefit, reversing final year’s decrease. The reversal was due to the progress in multifamily rental qualities (new apartments) and an boost in the value of office environment structures (some of which are looking at new existence as household structures). Commercial homes, including multifamily flats, comprise 40.2{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} of the tax base in the Town of Alexandria.