14-3583_CY 2015 Assessment Powerpoint Presentation

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CY 2015 Assessment

Office of Real Estate AssessmentsFebruary 10, 2015



CY 2015 Overall Real PropertyAssessment Changes

• Locally Assessed Real Property assessmentsincreased 3.50% ($1.236 billion) fromJanuary 1, 2014 to January 1, 2015

• Residential Tax Base + 4.33%+$880.6 million

• Commercial Tax Base + 2.37%+$355.8 million

•

Non-Locally Assessed Tax Base + 2.64%+$14.8 million

• Total Taxable Real Property + 3.49%

2CY 2015 Real Estate Assessment Summary Land Book (Attachment 1)



3

Historical Taxable Real PropertyAssessment Changes

$32.63 $33.78 $34.73 $35.90 $37.15

$0

$10

$20

$30

$40

$50

$60

$70

$80

2011 2012 2013 2014 2015

G r a n d T o t a l T a x a b l e R e a l P r o p e r t y A s s e s s m e n t s

i n B i l l i o n s

Calendar Year

+ 3.49%Change

+ 3.53%Change

+ 2.79%

Change

+ 3.28%Change

CY 2015 Real Estate Assessment Summary Land Book (Attachment 1)



CY 2015 Overall Changes

•$773.66 million increase was

due to appreciation

•$538.96 million was due to

new growth

4CY 2015 Real Estate Assessment Summary Including Appreciation and Growth (Attachment 2)



Historical New Growth (CY 2008 to CY 2015)

5

0.00

50.00

100.00

150.00

200.00

250.00

300.00

2008 2009 2010 2011 2012 2013 2014 2015 A m o u n t o f N e w G r o w t h i n M i l l i o n s o f D o l l a r s

Calendar YearCommercialMulti-Family RentalResidential



CY 2015 Real Estate Tax Base

Residential Single Family

40.44%

Residential Condominium16.20%

Residential

Vacant Land

0.42%

Commercial

Multi-Family Rental

17.67%

Commercial Office, Retail

& Service

22.55%

Commercial & Industrial

Vacant Land1.17%

Public Service Corporation

1.55%

6



CY 2001-CY 2015Historical Tax Base

(in Billions)

7

$7.71

$13.40

$20.52$20.14

$18.20$18.72

$21.20

$1.73

$2.63$3.34

$4.43$4.11

$5.28 $6.56

$2.05

$3.08

$4.25

$5.32

$4.42

$4.65 $4.45

-

5

10

15

20

25

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

H i s t o r

i c a l T a x B a s e i n B i l l i o

n s

Calendar Year

Residential

Multifamily

Office

-----------------------------------------------

-------------------------------------



57.06%

42.94%

30

35

40

45

50

55

60

65

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

P e r c e n t o f T o t a l

Calendar Year

Residential

Commercial

8

Real Estate Tax Base DistributionCY 2001 to CY 2015

Including Multi-Family Rental Assessments with Commercial Assessments



Real Estate Tax Base DistributionCY 2001 to CY 2015

Including Multi-Family Rental Assessments with Residential Assessments

74.73%

25.27%

10

20

30

40

50

60

70

80

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

P

e r c e n t o f T o t a l

Calendar Year

Residential (includingMulti-Family Rental)

Commercial (withoutMulti-Family Rental)

9



CY 2015 Residential Property(Existing Properties)

• Average Condominium AV $302,843 +3.51%

• Average Single-Family AV $702,098 +2.92%

• Average SF & Condo AV $509,853 +3.08%

10



Average Residential Assessed Value 1990-2015

11

$109,315 $106,875

$363,592

$302,843

$177,157

$191,341

$526,852$509,853

$228,402

$260,907

$667,386

$702,098

$50,000

$150,000

$250,000

$350,000

$450,000

$550,000

$650,000

$750,000

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

A v e r a g e A s s e s s e d

V a l u e

Calendar Year

Average Condo Values

Average Residential ValuesAverage Single-Family Values



CY 2015 Commercial Property(Existing Properties)

• Existing commercial increased 2.37%

• Office buildings 0.60%

•

Apartments 4.60%• Hotels -13.27%

• Shopping Centers 2.48%

• General Commercial 3.60%

• Warehouses 1.64%

Total Commercial Assessment Change:

$355.84 million

12



Comparison of Equalized and Land Book Assessment Changein Hotels and Apartments

Hotels

% Change

from 2014 Apartments

% Change

from 2014

Jan 1, 2014 -Landbook

$820,403,012 $6,275,816,022

Reclassificationsandredevelopment

($38,440,251) -4.7% $17,272,082 0.3%

Reviews, appeals

and administrativechanges

($62,218,297) -7.6% ($35,113,957) -0.6%

Dec. 31, 2014(equalized)

$719,744,464 -12.3% $6,257,794,888 -0.3%

Appreciation(Market Change)

($13,892,687) (1.93%) $19,344,493 0.31%

New Growth $5,700,169 0.8% $287,335,653 4.59%

Jan 1, 2015 -Landbook

$711,551,946 -1.14% $6,564,475,034 4.9%

13



Appreciation Mapby Neighborhood & Land Use Code

14



Assessment Sales Ratio

Evaluation tool to determine accuracy and fairness

15

Jurisdiction 2013 Median Ratio

Falls Church 95.72%

Alexandria 92.45%

City of Fairfax 91.04%

Arlington County 87.71%

Fairfax County 85.73%

Prince William County 83.47%



16

New Assessment Notices



Review and Appeal Process

• March 16 - Deadline to request a review with theOffice of Real Estate Assessments

• June 1 – Deadline to file an appeal with the Board of

Equalization

• April 15 – Deadline to submit Elderly and Disabled TaxRelief Application

• Contact the Office of Real Estate Assessments withquestions 703.746.4166.

• Pursue additional information using the website

17

Documents

14-3583_CY 2015 Assessment Powerpoint Presentation