ARLINGTON, Va. --- Arlington’s 2012 real estate assessments are up 6.6% overall, continuing last year’s recovery. The commercial sector, including office and apartment properties, showed particular strength, gaining 13.5%.

 

Single-family residential values showed modest growth. Existing properties -- including detached homes, condominiums and townhouses -- increased 1.8%, from an average value of $510,200 to $519,400.

 

Real estate assessments will be mailed Jan. 20, 2012 to all Arlington property owners. Calendar Year (CY) 2012 assessment information also will be available online at 5 p.m. today, Jan. 20, 2012. Look up your property assessment.

 

“Our commercial properties are in strong demand, particularly apartment and office buildings,” said Barbara M. Donnellan, Arlington’s County Manager. “This is our second year of economic recovery – very good news for our community.”

For the second consecutive year, commercial properties have realized double-digit assessment growth, putting Arlington’s commercial tax base at its highest level ever.  Commercial properties now account for 49% of the County’s real estate tax base.

 

The strength and stability of the commercial sector is driven by long-term market and land use fundamentals, including Arlington County's continued commitment to Smart Growth development policies.  Commercial property values increased by 13.5%, to $30.1 billion, benefitting from demand for well-located properties in a stable urban market, as well as very favorable credit market conditions. This resulted in strong investor interest nationally and internationally. Two of the best-performing commercial segments were multi-family rental properties (up 15%) and office properties (up 13%).

 

The average assessment for existing single-family properties, including condominiums, townhouses and detached homes, increased approximately 1.8%, from $510,200 in Calendar Year (CY) 2011, to $519,400 in CY 2012.

 

Each homeowner will receive an assessment reflecting the value of his or her property. The 1.8% average increase is just that -- an average; 46% of residential owners will see no change in their assessment; 22% will see declines of varying amounts. Of the 32% with increased values, the amount also will vary. Variations in property assessments for 2012 reflect the diversity of Arlington’s neighborhood and housing stock.  View a map with area/trend data.

 

County Manager Donnellan will present her proposed budget for Fiscal Year (FY) 2013 this February. The Manager’s proposed budget will balance the continuation of the County’s broad range of services with meeting new needs, including new facilities, and addressing priority areas -- identified by the County Board -- in affordable housing, maintenance capital, and compensation, among others. Continuation of existing services will require meeting normal inflationary increases (e.g., utility costs, contract increases) and increases in retirement, health care, and salary costs. Real estate tax revenues represent approximately 56% of total County revenues; other sources, particularly state and federal grant funding, are being reduced. 

 

For more information on the budget process, visit the FY 2013 Budget web page.

 

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 2012 assessment is an estimate of the fair market value as of January 1, 2012.

 

Residential assessments were based primarily on neighborhood sales occurring July 1, 2010 through June 30, 2011. 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.