Property values in Arlington continuing to rise in both the residential and commercial sectors.
According to the County’s assessment for 2020 announced last week, the values grew 4.6 percent on average compared to 3.5 percent last year. The value for commercial properties had a higher increase of 4.9 percent while residential properties had a 4.3 percent increase.
This rise in property values will certainly mean an increase in property taxes for Arlington residents. In its announcement, the county showed no commitment to reducing the tax rates–currently at $1.026 for every $100 in assessed value –to offset the rising assessment.
“Although the growth will result in additional revenue, the County faces continued funding choices in the coming fiscal year,” the county’s press release says in the first paragraph. In November the County Board directed County Manager Mark Schwartz to propose a budget that either keeps the tax rate steady or slightly lowers it; his budget proposal will be released in February.
The county credits the increase in Commercial Property values to decline in the office vacancy rate, continued new construction, demand for rental properties, and leasing activities related to Amazon’s new headquarters. The property values for apartments increased by 8.9 percent, office values rose by 2.5 percent, while general commercial property(malls, retail stores, gas stations, etc.) grew by 1.8 percent.
“Arlington continues to be a place where people want to live and work,” Schwartz said in a statement Friday. “The investment we make in our community through real estate tax revenue helps us maintain the high-quality amenities and public services that make Arlington so attractive.”