Alexandrians have now received their real estate assessments for this year. But what do they mean citywide?
Over all, the value of the city's residential property increased by 18.2 percent. Single family homes increased by an average of 16.4 percent while condominium assessments were up by an average of 23.4 percent.
According to Cindy Smith-Page, the director of the department of real estate assessments, condominiums increased in value more because of affordability. "Condos in Area 10, which is Potomac West, increased by 52.9 percent," Smith-Page said. "The reason for this is Auburn Village, which is the largest condominium complex in that area. I think it increased so much because the units are affordable and because of the location. Auburn Village is between Route 1 and Mt. Vernon Avenue and values in the neighboring areas have been increasing as well."
The largest increase in single family homes was seen in Area Two, Braddock Metro. These rose by 20 percent over last year's assessments. "This area has the most transition that has been occurring in the market," Smith-Page said. "There are a lot of homes being renovated and a lot of homes that have changed hands over the past few years.
"Also, properties near Metro stations are increasing all over the area," she said. "As traffic worsens, this trend is going to continue."
THE LEAST AMOUNT of increase in single-family homes was seen in Area Nine, Old Town North. Here, assessments rose an average of 8.3 percent. Condominiums increased the least in Area Four, or King Street Metro, where assessments were up an average of 14 percent.
Assessments are based at 100 percent of fair market value, Smith-Page said. "This is defined by property transferring to a new owner at what a willing seller and willing buyer have determined to be a fair price. Residential property is broken into neighborhoods that are homogeneous to each other.
"There is a base amount of information that we have, such as the physical characteristics of the property, and then we calculate the replacement cost for that property and adjust that to the market value to achieve the replacement to what would be fair market value. This allows for difference among neighboring properties. For example, if two identical properties have a different number of bathrooms, they will be assessed differently," said Smith-Page.
"Alexandria is unique because we don't have subdivisions," she said. "You can have property that is worth $1 million next to property worth $400,000. We look at the area and the type of house and what is the competing market for that particular property."
Judy McVay's neighborhood is a good example of this phenomena. She lives in the 200 block of North Columbus Street. Her house, at 207, is valued at just over $760,000. Her neighbor's property at 228 North Columbus, on the other hand, is valued at just over $1.2 million.
"The houses on the block are all different and many of them have had additions," McVay said. "That's why you see such a wide range of property values on the street.
"I am concerned about the amounts of the increases each year, though," she said. "They have gone up by double digits for each of the past five or six years. For people on a fixed income, it's very difficult. Some of them are being forced to sell their homes and leave the city because they can't afford to pay the taxes. It's a shame."
MANY PEOPLE CALL Smith-Page's office with concerns. However, most, according to her, aren't complaining about the value of their property. "They are complaining about the amount of taxes that they have to pay," she said. "Most people are very aware of what their property is worth. They are just concerned about the amount of the increases each year."
For more information about real estate assessments, go to the city's web site at Alexandriava.gov/realestate.