The value of residential properties is up in Arlington, but the torrid growth of past years has slowed.
Arlington County announced today that residential property assessments are up 3.2% for 2024. The overall property assessment growth was 2.5%, with commercial properties up 1.6%. New construction contributed significantly to the overall growth.
The U.S. real estate market is facing significant headwinds, but Arlington property assessments are continuing their march upward.
Arlington County announced today that overall assessments of residential and commercial properties rose 3.6% for 2023, compared to 3.5% for 2022. Residential values are up 4.5% while commercial values are up 2.6%.
Arlington is seeing another big jump in residential property assessments this year, something that should bolster the county’s finances but hit the pocketbooks of local homeowners.
While a county press release, below, described “modest” growth in Arlington’s property tax base, it was a tale of two types of property.
The value of homes in Arlington County has soared during the pandemic.
Residential property values in Arlington are up 5.6%, while commercial property values slumped 1.4% from last year, according to newly-released stats. Arlington County is starting the process of mailing the new assessments out to homeowners and commercial property owners.
The Arlington County Board voted yesterday to advertise a maximum tax rate that will, at most, keep the current rate steady.
The action comes amid rising property assessments that will buoy county coffers and help support County Manager Mark Schwartz’s proposed 2.9% increase in spending without a rate hike.
The rise in property values in Arlington is accelerating post-HQ2.
Late last week Arlington County announced that its assessments for 2020 had risen 4.6% on average — 4.9% for commercial properties and 4.3% for residential properties. That compares to an average property assessment increase of 3.5% last year.
Residential and commercial property values in Arlington ticked up last year, sending more revenue into the county’s coffers, but officials warn the increase won’t be enough to avoid the painful budget gaps facing county leaders this year.
The good news, the county says, is that the total assessed value of all Arlington property increased by 3.5 percent this year, compared to a 2.2 percent bump last year. Today (Friday), county mailed out property assessments, which determine the size of homeowners’ tax burdens. It plans to make all that information available online by tonight at 6 p.m.
Puerto Rico Pets Coming to Arlington for Adoption — Dogs and cats from Puerto Rico, which is still recovering from Hurricane Maria, were flown from the island to the D.C. area over the weekend by Arlington-based Lucky Dog Animal Rescue. The pets arrived via van convoy to a hero’s welcome in Shirlington and are now up for adoption. [Washington Post]
Arlington Among ‘Best Places to Live’ — City ranker Livability.com is out with its 2018 “Top 100 Best Places To Live” list and Arlington has placed No. 35, one spot below Pittsburgh and one above Asheville, N.C. Arlington previously ranked No. 3 on the list. [Livability]
The value of all residential and commercial property rose by 1.9 percent over the past year, compared to 3 percent the previous year. Homes went up in value by 3.9 percent, compared to a rise of 2.5 percent last year.
It means the average home value in Arlington, including condominiums, townhouses and detached homes, is now $640,900, up from $617,200 last year.
Arlington County said today that property values rose 2.9 percent over 2016. The increase includes a 2.1 percent rise for existing properties and another 0.8 percent rise for new construction, with both residential and commercial properties seeing gains.
The value of the average Arlington home, defined as existing single-family properties like condominiums, townhomes and detached homes, increased 2.3 percent to $617,200, up from $603,500 last year.
Traffic Switch on Columbia Pike — VDOT crews will open a new ramp from Washington Blvd to Columbia Pike tonight. Crews will also activate a new traffic signal on the Pike and remove an old one. The Pike/Washington Blvd bridge replacement project is expected to wrap up this summer. [VDOT]
Rep. Beyer’s First Bill Passes — Rep. Don Beyer’s (D-Va.) Science Prize Competition Act has passed with bipartisan support. The bill “will encourage federal agencies to use prize competitions to incentivize innovative scientific research and development.” It’s Beyer’s first bill to pass the House of Representatives after replacing the retired Rep. Jim Moran. [Twitter, U.S. House of Representatives]
