CY 2016 Assessment Office of Real Estate Assessments February 9, - - PowerPoint PPT Presentation

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CY 2016 Assessment Office of Real Estate Assessments February 9, - - PowerPoint PPT Presentation

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CY 2016 Assessment Office of Real Estate Assessments February 9, 2016 CY 2016 Overall Real Property Assessment Changes Locally Assessed Real Property assessments increased 2 .8 1 % ($1.027 billion) from January 1, 2015 to January 1, 2016

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SLIDE 1

CY 2016 Assessment

Office of Real Estate Assessments February 9, 2016

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SLIDE 2

CY 2016 Overall Real Property Assessment Changes

  • Locally Assessed Real Property assessments

increased 2 .8 1 % ($1.027 billion) from January 1, 2015 to January 1, 2016

  • Residential Tax Base

+ 2.44% + $517.2 million

  • Commercial Tax Base

+ 3.32% + $510.0 million

  • Non-Locally Assessed Tax Base + 3.61%

+ $20.8 million

  • Total Taxable Real Property + 2 .8 2 %

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CY 2016 Real Estate Assessment Summary Land Book (Attachment 1)

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SLIDE 3

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Historical Taxable Real Property Assessment Changes

CY 2016 Real Estate Assessment Summary Land Book (Attachment 1)

$33.78 $34.73 $35.90 $37.15

$ 3 8 .2 0

$0 $10 $20 $30 $40 $50 $60 $70 $80

2012 2013 2014 2015 2016

Grand Total Taxable Real Property Assessm ents

in Billions

Calendar Year

+ 2.79%

Change

+ 3.28%

Change

+ 3.49%

Change

+ 2.82%

Change

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SLIDE 4

CY 2016 Overall Changes

  • $854.94 million increase was

due to appreciation

  • $306.53 million was due to

new growth

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CY 2016 Real Estate Assessment Summary Including Appreciation and Growth (Attachment 2)

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SLIDE 5

Historical New Growth (CY 2009 to CY 2016)

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0.00 50.00 100.00 150.00 200.00 250.00 300.00

2009 2010 2011 2012 2013 2014 2015 2016

$115.48 $4.40 $80.52

$83.33

Amount of New Growth in Millions of Dollars

Commercial Multi-Family Rental Residential

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SLIDE 6

CY 2016 Real Estate Tax Base

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Residential Single Family 40.47%

Residential Condominium 16.04%

Residential Vacant Land 0.34%

Commercial Multi-Family Rental 17.93% Commercial Office, Retail & Service 22.66%

Commercial & Industrial Vacant Land 1.00% Public Service Corporation 1.56%

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SLIDE 7

CY 2001-CY 2016 Historical Tax Base

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  • $0

$5 $10 $15 $20 $25

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$1.73 $4.43 $4.48

$ 6 .8 5

$4.52 $10.06 $8.62

$ 9 .0 4

$7.71

$20.52

$18.20

$ 2 1 .7 1

Historical Tax Base in Billions

Multifamily Commercial Residential

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SLIDE 8

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Real Estate Tax Base Distribution CY 2001 to CY 2016

Including Multi-Family Rental Assessments with Commercial Assessments

56.85% 43.15%

30 35 40 45 50 55 60 65

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Percent of Total Calendar Year

Residential Commercial

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SLIDE 9

Real Estate Tax Base Distribution CY 2001 to CY 2016

Including Multi-Family Rental Assessments with Residential Assessments 9

74.78% 25.22%

10 20 30 40 50 60 70 80

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Percent of Total Calendar Year

Residential (including Multi-Family Rental) Commercial (without Multi-Family Rental)

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SLIDE 10

CY 2016 Residential Property

(Existing Properties)

  • Average Condominium AV $306,883 + 0.94%
  • Average Single-Family AV

$720,701 + 2.25%

  • Average SF & Condo AV $521,227 + 1.88%

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CY 2016 Real Estate Assessment Summary Including Appreciation and Growth (Attachment 2)

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SLIDE 11

Average Residential Assessed Value 1990-2016

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$109,315 $106,875

$363,592

$306,883

$177,157 $191,341

$526,852

$521,227

$228,402 $260,907

$667,386

$720,701

$50,000 $150,000 $250,000 $350,000 $450,000 $550,000 $650,000 $750,000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Average Assessed Value Calendar Year

Average Condo Values Average Residential Values Average Single-Family Values

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SLIDE 12

CY 2016 Commercial Property

  • Commercial increased 3.32%
  • Office Buildings

1.46%

  • Apartments

4.35%

  • Hotels

3.02%

  • Shopping Centers

8.63%

  • General Commercial

5.43%

  • Warehouses

8.80%

Total Commercial Assessment Change: $510.04 million

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CY 2016 Real Estate Assessment Summary Land Book (Attachment 1)

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SLIDE 13

Assessment Sales Ratio

Evaluation tool to determine accuracy and fairness

13 Jurisdiction 2 0 1 4 Median Ratio Falls Church 94.98% Alexandria 94.76% City of Fairfax 93.30% Arlington County 90.17% Fairfax County 89.54% Prince William County 87.54%

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SLIDE 14

Review and Appeal Process

  • March 15 - Deadline to request a review with

the Office of Real Estate Assessments

  • June 1 – Deadline to file an appeal with the

Board of Equalization

  • April 15 – Deadline to submit Elderly &

Disabled Tax Relief Application

  • Contact the Office of Real Estate Assessments

with questions 703.746.4646.

  • Pursue additional information via the website

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