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 • 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 % 2 CY 2016 Real Estate Assessment Summary Land Book (Attachment 1)
Historical Taxable Real Property Assessment Changes $80 Grand Total Taxable Real Property Assessm ents $70 $60 $50 $ 3 8 .2 0 $37.15 in Billions $35.90 $40 $34.73 $33.78 + 2.82% $30 + 3.49% + 3.28% Change + 2.79% Change Change $20 Change $10 $0 2012 2013 2014 2015 2016 Calendar Year 3 CY 2016 Real Estate Assessment Summary Land Book (Attachment 1)
CY 2016 Overall Changes •$854.94 million increase was due to appreciation •$306.53 million was due to new growth 4 CY 2016 Real Estate Assessment Summary Including Appreciation and Growth (Attachment 2)
Historical New Growth (CY 2009 to CY 2016) Amount of New Growth in Millions of Dollars 300.00 250.00 200.00 150.00 $80.52 100.00 $115.48 $83.33 50.00 $4.40 0.00 2009 2010 2011 2012 2013 2014 2015 2016 Commercial Multi-Family Rental 5 Residential
CY 2016 Real Estate Tax Base Public Service Corporation Commercial & Industrial 1.56% Vacant Land 1.00% Commercial Office, Retail & Residential Service 22.66% Single Family 40.47% Commercial Multi-Family Rental Residential 17.93% Condominium 16.04% Residential Vacant 6 Land 0.34%
CY 2001-CY 2016 Historical Tax Base $25 Historical Tax Base in Billions $ 2 1 .7 1 $20 $20.52 $18.20 $15 $10 $7.71 $10.06 $ 9 .0 4 $8.62 $5 $4.52 $1.73 $4.43 $0 $4.48 $ 6 .8 5 2001 2002 2003 2004 2005 2006 2007 2008 2009 ---------------------------------------- 2010 2011 2012 2013 2014 Multifamily 2015 2016 Commercial Residential 7
Real Estate Tax Base Distribution CY 2001 to CY 2016 Including Multi-Family Rental Assessments with Commercial Assessments 65 60 56.85% 55 Percent of Total 50 45 43.15% 40 Residential 35 Commercial 30 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 8 Calendar Year
Real Estate Tax Base Distribution CY 2001 to CY 2016 Including Multi-Family Rental Assessments with Residential Assessments 80 74.78% 70 60 Percent of Total Residential (including Multi-Family Rental) 50 Commercial (without Multi-Family Rental) 40 30 25.22% 20 10 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 9 Calendar Year
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% 10 CY 2016 Real Estate Assessment Summary Including Appreciation and Growth (Attachment 2)
Average Residential Assessed Value 1990-2016 $720,701 $750,000 $667,386 $650,000 $521,227 $526,852 $550,000 Average Assessed Value Average Condo Values Average Residential Values $450,000 Average Single-Family Values $363,592 $350,000 $306,883 $260,907 $228,402 $250,000 $191,341 $150,000 $177,157 $106,875 $109,315 $50,000 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 11 Calendar Year
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 12 CY 2016 Real Estate Assessment Summary Land Book (Attachment 1)
Assessment Sales Ratio Evaluation tool to determine accuracy and fairness 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% 13
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 14
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