For the second year in a row, Arlington’ assessed property values have gone up. Overall, 2012 real estate assessments increased by 6.6 percent.
Commercial property experienced significant growth, increasing by 13.5 percent. That puts the commercial tax base at its highest level ever, accounting for 49% of the county’s real estate tax base.
“Our commercial properties are in strong demand, particularly apartment and office buildings,” Arlington County Manager Barbara Donnellan said in a statement. “This is our second year of economic recovery — very good news for our community.”
Single family properties, including condominiums, town houses and attached homes, saw a more modest increase of 1.8 percent.
Real estate assessments will be mailed out today to all Arlington property owners. They will also be available online starting at 5:00 p.m.
The increase in property assessments will mean additional revenue for Arlington County, in the form of higher real estate tax payments, in Fiscal Year 2013. Donnellan’s proposed budget for FY 2013 will be presented next month.