Arlington Co. gets an 'Amazon effect' property value boost

ARLINGTON, Va. — Newly released numbers show Arlington County is seeing a property value boost. Eight-five percent of residential property owners saw their assessed property value go up.

Arlington County said real estate taxes provided 57 percent of the county’s total revenues in 2019. The more the property is worth, the higher the tax bill. The 2020 valuations are the Department of Real Estate Assessment’s estimate of fair market value for property or land as of the first of the year.

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The assessment is multiplied by the real estate tax rate to determine the bill. Calendar year 2019 had a two-cent increase of the 2018 rate. The cost is calculated by multiplying $1.025 per $100 of assessed value.

The county manager proposes the rates in February and the county board adopts the tax rates annually in April.

The county said the average home value for a condo, townhouse or detached home is more than $686,000. One man said living and working in Arlington County just isn’t attainable.

“It’s expensive. I can’t afford it,” said Daniel Cheong.

Many Arlington County homeowners are seeing equity gains while some buyers in the market for a new house are getting sticker shock.

Cheong walked around Crystal City Tuesday with a dozen dogs. The dog behavior specialist owns Dog Pack Nation, a pet walking company. He drives from Springfield to reach his four-legged, Crystal City clients and would prefer to live closer.

“I would love to, if I could afford it,” he said.

Cheong’s story is not uncommon. Property prices are up, and rent is rising. Some of that is a part of the Amazon effect, rental property demand and new construction. The Department of Real Estate Assessments determined overall, total assessed value for residential and commercial properties increased by 4.6 percent.

“It’s beyond my reach. So, even with the business going on, the rent alone plus utilities and other stuff, it’s going to drive up to $2,500-600 easy,” said Cheong.

While Amazon moving to Arlington County means increased housing prices, those new residents could mean more dogs for Cheong’s business.

“I hope so,” he said. “Fingers crossed.”

SOURCE: https://wjla.com/news/local/arlington-county-property-value-boost