Real Estate Values Increase Slightly In Arlington For 2022

ARLINGTON, VA — Homeowners in Arlington will see a slight increase in their property values from last year, while commercial property values remained relatively unchanged, according to the latest county data.

The total assessed value of all residential and commercial properties in Arlington grew by 3.4 percent, compared to a 2.4 percent increase in 2021. Overall, residential property values were up 5.8 percent compared to a 0.6 percent increase in commercial property values from last year. New construction also accounted for 1 percent of the overall 3.4 percent growth in Arlington's tax base.

With the 5.8 percent increase, the average residential property value for a single-family home grew from $724,400 to $762,700. About 73 percent of residential property owners will see an increase in their assessed value for 2022.

“The increase in property values for this year shows the attractiveness of our Arlington community, even as our community continues to face challenges brought by the ongoing COVID-19 pandemic,” said County Manager Mark Schwartz, in a release.

Real estate taxes account for nearly 60 percent of Arlington's revenues. Residential property assessments provide roughly 54 percent of the county's real estate tax base with commercial making up about 46 percent.

Digging deeper into the the commercial property assessments, there is some evidence of growth in the county's business market, as well as indications of a rebound to pre-pandemic levels, according to a county release. After experiencing double-digit decreases last year, hotel property values increased 5.6 percent, as occupancy and room rates began to recover from the early days of the pandemic.

Arlington property owners will begin to receive their assessments in the mail on Friday. The 2022 property assessments can also be looked up online.

This article originally appeared on the Arlington Patch