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]
Last year, the average rent in Arlington was $1,834 per month, according to the Dept. of Community Planning, Housing and Development.
That’s a dropoff from $1,934 in 2013 and $1,999 in 2012. It’s the cheapest average apartment rent since 2011, when the price was $1,768 per month, according to county records.
Arlington’s Dept. of Real Estate Assessments will be giving representatives from countries like China, India, Turkey and Greece “guidance on proper property tax management, including an overview of how Arlington County values land and property, and how these processes have generated revenue, while promoting fair and equitable property tax collection methods,” according to a press release from Thomson Reuters, which organized the meeting.
Thomson Reuters’ Tax & Accounting Division helps corporations and governments improve their bookkeeping and revenue-generating practices. Arlington boasts an enviable tax revenue split of 50 percent residential and 50 percent commercial tax revenue, and the assessor’s office is responsible for determining the value of each piece of property.
According to the trend map (left) provided by the county’s Department of Finance, the area hit hardest by the assessment rise was the southwestern-most part of the county, from Columbia Pike to the border with Alexandria (area 10).
The average assessment for this area rose 11 percent, from $362,527 to $402,404. Homes in this area were the least valuable on average in the county last year and, despite the $40,000 jump, are the least valuable this year. If the tax rate remains at around one dollar per $100 of assessed value, the owners of houses in this area will pay about $400 more on average this year than last year.
Assessments county-wide rose 3.4 percent over 2014 values. The 4.9 percent rise in residential values (including condos, townhouses and single-family homes) was paired with a 4.7 percent rise in the assessments of existing apartment buildings.
Dragging down both was a 4.5 percent decline in existing office property assessments. Arlington County has been struggling with an office vacancy rate north of 20 percent.
Civ Fed: Start Over on ‘Public Land’ Process — The Arlington Civic Federation voted last night for a resolution calling on Arlington County to restart its “Public Land for Public Good” affordable housing initiative. The compromise measure called for a more robust community process to discuss the idea of using publicly-owned land to build affordable housing facilities. The county’s Long Range Planning Committee has made a similar recommendation, as we reported yesterday. [InsideNova]
Stagnant Assessments Poses Challenge — Stagnant real estate assessments are causing problems for local governments around the D.C. region. In Fairfax County, it’s contributing to a $173 million budget gap. Arlington has fared better, thanks to its location adjacent to the District and the higher proportion of commercial real estate in the county (commercial property owners pay about half of all county taxes). Still, the poor state of the regional office market means that localities can’t rely on a rise in commercial property taxes to bail out homeowners. The choice for local governments, says a George Mason University study, is now to raise taxes on homeowners, cut spending or both. [Washington Post]
Property Assessments Expected to Rise — Arlington property owners may be on the hook for $330 to $440 in additional taxes next year, if rates stay the same. That’s because initial estimates suggest that assessments of single-family homes and condos in Arlington County will rise 8 percent and 5 percent, respectively. [Washington Post]
New Construction Coming to DCA — Reagan National Airport will be getting a new regional jet concourse, a new parking garage and larger security screening areas, as part of a just-approved $1 billion capital construction program. Security screening will be relocated to the ticketing level, which will open up the “National Hall” shopping and dining area to all security-screened passengers. The airport served 20.4 million passengers in 2013, a figure that’s expected to rise to 22 million soon. [MWAA, Greater Greater Washington]
ARLnow.com first reported in Februrary that numerous businesses in the Clarendon area — mostly bars and restaurants — saw their real estate assessments skyrocket this year, in one case nearly 200 percent. A week later, the county announced that it would review “all commercial real property assessments with a 50 percent or greater increase from calendar year 2013.”
That review is continuing, with Donnellan telling the Board that she had “no projection as to when it would be completed.” In an earlier interview with ARLnow.com, Rick Melman, Arlington’s director of real estate assessment, said he expected the review to wrap up by the end of May.
Peter’s Take is a weekly opinion column. The views and opinions expressed in this column are those of the author and do not necessarily reflect the views of ARLnow.com.
That’s the key question after ARLnow.com broke the story last week about Arlington’s skyrocketing commercial property assessments.
The county said Friday evening that it will take a look at “all commercial real property assessments with a 50% or greater increase from calendar year 2013.”
There are nearly 90 such properties, including Rien Tong restaurant (3131 Wilson Blvd), which saw its assessment increase 197 percent, and Spider Kelly’s (3171 Wilson Blvd), which saw its property valuation increase 83 percent.
Long-time businesses, which have not been renovated or sold recently, saw their assessments increase by double digit or even triple digit percentages. The rise in assessments could mean the owners will be forced to pay tens of thousands in additional county taxes this year, barring a successful appeal.
The biggest increase spotted by ARLnow.com was that of Rien Tong Restaurant (3131 Wilson Blvd). The Asian eatery, located across from the Clarendon Metro station, saw its assessment jump from $559,900 to $1,667,600, a nearly 200 percent increase that would result in an extra $12,528 in taxes.
