- Single-family residential values up 1.0%; commercial properties flat
- Assessments available online 5 p.m. Jan. 18
- Average home value rises to $524,700
ARLINGTON, Va. — Arlington's 2013 real estate assessments are unchanged overall, retaining their value from CY 2012. The commercial sector, as projected, slowed after two years of double digit growth.
Single-family residential properties maintained value. Existing properties — including detached homes, condominiums and townhouses — increased 1.0%, from an average value of $519,200 to $524,700.
Real estate assessments will be mailed Jan. 18, 2013 to all Arlington property owners. Calendar Year (CY) 2013 assessment information also will be available online at 5 p.m. Jan. 18, 2013. Look up your property assessment.
“These assessments reflect the impact that BRAC, and the slow economic recovery, continues to have on Arlington,” said Arlington County Manager Barbara Donnellan. “While our balance of commercial and residential development continues to keep Arlington's economic outlook fundamentally sound, we are not immune from the larger economic forces that continue to buffet the nation. As we projected late last year, there will be about a $50 million gap between the County's revenues and expenses, and both County government and Schools will need to make some tough choices to close that gap.”
Commercial tax base maintains value – flat over CY 2012
After two consecutive years of double digit growth in the commercial tax base, CY 2013 values remain flat. Commercial properties continue to account for 49% of the County's real estate tax base.
The impacts of the Base Realignment and Closure (BRAC) in Crystal City and concerns about federal budget issues have affected commercial property values and will continue to do so over the next few years. Commercial property values decreased by -0.1%, to $30.4 billion, overall holding value even in an uncertain economic and political climate. Multi-family rental properties increased almost 1% while the rest of the commercial property types (office, retail, hotel) declined -0.5%.
Residential real estate increases slightly
The average assessment for existing single-family properties, including condominiums, townhouses and detached homes, increased approximately 1.0%, from $519,400 in Calendar Year (CY) 2012, to $524,700 in CY 2013.
Each homeowner will receive an assessment reflecting the value of his or her property. The 1.0% average increase is just that — an average; 47% of residential owners will see no change in their assessment; 22% will see declines of varying amounts. Of the 31% with increased values, the amount also will vary. Variations in property assessments for 2013 reflect the diversity of Arlington's neighborhood and housing stock.
Slower revenue growth and projected expenditures have resulted in an estimate that combined County-School expenditures will outpace revenue (at current tax rates) by $50 million for fiscal year 2014. The County and Schools have been working aggressively to reduce expenses.
The County Manager and School Superintendent will propose their budgets in February and will include a mix of cost cutting and proposed tax and fee increases. Real estate tax revenues represent approximately 56% of total County revenues; other sources, particularly state and federal grant funding, are increasingly uncertain.
For more information on the budget process, visit the FY 2014 Budget web page.
About real estate assessments
Real estate assessments are appraisals — the County's opinions of value for each parcel of real property in Arlington. Assessments are made according to accepted methods, techniques, and standards of the real estate appraisal and assessment profession. The 2013 assessment is an estimate of the fair market value as of January 1, 2013.
Residential assessments were based primarily on neighborhood sales occurring July 1, 2011 through June 30, 2012. The real estate tax rate determines the amount of tax that is levied on the property. A uniform tax rate for all real property is set by the Arlington County Board; state code requires the County Board to use a uniform tax rate. In addition, Arlington levies additional taxes on commercial and industrial properties dedicated to transportation investments, as well as taxes for business improvement and sanitary sewer needs.
For more information, visit the County website.