Alexandria 2025 property assessments: tax base up 2.57% as residential values lead gains

The Alexandria Office of Real Estate Assessments told City Council on Feb. 18 that the city—925 taxable assessments rose 2.57% from 2024, driven largely by residential market appreciation. "Not to bury the lead, which is that the total taxable assessments increased the tax base by 2.57%," Anwin Milnes, appraiser supervisor, said during the presentation.

The increase was concentrated in the residential tax base, which the presenter said contributed an estimated $1.4 billion in added value and rose roughly 4.55% year over year. Milnes said the residential sector accounted for the largest share of the city—9s tax base (about $31 billion of a roughly $49 billion total, per slides shown to council) and that single-family averages exceeded $1 million for the first time in the assessment data.

By contrast, commercial property values declined overall, driven by apartments and office markets. "Multifamily rental properties saw another decrease," Milnes said, noting that apartments remain the largest commercial class but that their market values have depreciated as investor expectations and the national financing environment shifted. Staff attributed much of the commercial softening to higher cost of capital, tighter financing conditions and pressure on investors—9 returns.

The presentation also highlighted new growth from construction (staff estimated approximately $364 million from new growth across property classes) and listed several large projects contributing to that growth, including completed and near-complete multifamily and mixed-use developments across Old Town, Potomac Yard, Landmark Mall and Eisenhower areas.

Councilmembers pressed for additional context during Q&A. When asked about medians and neighborhood variation, Milnes pointed councilmembers to attachments in the report and said the office would provide further breakdowns; the presenter confirmed a median sale price figure for 2024 of $682,500 and noted that attachments include neighborhood-level assessment change tables.

Staff also reviewed owners—9 options for contesting assessments: an initial review is due by March 17, and the Board of Equalization appeal forms are generally due in early June (June 2 for 2025 since June 1 falls on a Sunday). "If a property owner is not satisfied after review, the second opportunity is an appeal before the Board of Equalization," Milnes said.

What happens next: Council formally received the assessment report during the meeting; residents concerned about their assessments were directed to the city real estate website and phone line for review and appeal forms.

Ending: The assessments will inform upcoming budget and tax rate conversations; staff committed to supplying more granular neighborhood and median information upon request and to supporting residents through the review and appeal deadlines.