The real estate market in Alexandria has seen a 4.15 percent increase in taxable property value when compared to January 2019, according to data presented to City Councils.
The increase is a significant jump from the 2.71 percent increase from 2018 to 2019. For residential properties the average assessment was 582,636 which represents a 4.62 percent increase with average assessment for single family homes increased by 4.13 percent to 800,025 and condominiums increased by 5.84 percent to 348,234. Commercial properties saw an average increase of 2.8 percent in assessment value with 5 percent for multifamily apartment development.
Property owners who wish to review their property value can request an assessment review from the Office of Real Estate Assessment or appeal to the Board of Equalization and Assessment Review. Any review request should be made by March 16 and any appeal should be requested by June 1.