On January 13, the county of Arlington released the calendar year 2023 proposed real property assessments. These proposed values represent a 3.6% increase over 2022, with the overall property tax base growing primarily as a result of continued residential growth.
Both residential and commercial property values increased at a rate of 4.5% and 2.6%, respectively. Office values were down slightly, while general commercial properties (nonoffice commercial properties) experienced a 4% hike in proposed values. Perhaps most surprisingly, hotel values increased 7.5% over the previous year, despite continued struggles for this asset class. Existing apartment property values saw only a 0.7% increase for this calendar year, with much of the 2.6% apartment growth stemming from the continued demand for new construction.
Looking forward, Arlington County is facing mounting pressures in developing the fiscal year 2024 budget. A preliminary funding gap of more than $30 million exists as a result of increased spending and shortfalls in revenue. This could result in the first increase to the base real estate tax rate since 2019, making an assessment review and appeal even more important. The tax rate will not be finalized by the County Board until the end of April.
Notice of 2023 assessments will be mailed to Arlington property owners beginning January 13, 2023. The subject matter experts at Ryan are exploring creative strategies to assist our clients and minimize tax liability. We urge you to reach out to one of our local team members listed below as soon as possible to prepare for the appeal deadline of April 15.
TECHNICAL INFORMATION CONTACTS:
Steve Thompson
Principal
Ryan
212.847.0120
steve.thompson@ryan.com
Grant Steinhauser
Director
Ryan
202.470.3105
grant.steinhauser@ryan.com
Libba McCraw
Senior Consultant
Ryan
703.746.0022
libba.mccraw@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
- Topics
- Steve Thompson
- Property Tax
- Virginia