WAMU 88.5 : News

Filed Under:

Northern Virginia Property Values Show Second Year Of Growth

Play associated audio
The trend for real estate in Northern Virginia is upward for the second straight year.
Casey Serin: http://www.flickr.com/photos/sercasey/248457195/
The trend for real estate in Northern Virginia is upward for the second straight year.

Property assessments in Northern Virginia show that the region appears to have emerged from the recession. Local governments closest to the District are reporting positive growth in that area for the second straight year.

Arlington County is reporting the strongest numbers, especially with commercial properties, which grew 14 percent, the second straight year of double-digit growth in assessments. Arlington budget director Richard Stevenson says the county now has the highest tax base ever.

"Yeah, I think we weathered the overall national recession pretty well," says Stevenson. "Just in the last couple of years we only saw a six and a half percent decline, and that was just in one year. All the other years, we ve had positive growth on the tax base. "

Northern Virginia benefited from having a much smaller number of foreclosures than other jurisdictions, according to John McClain, a senior fellow with the Center for Regional Analysis at George Mason University. "Arlington, Alexandria and Fairfax are out of the woods. And Loudoun is not yet out of the woods," says McClain. "Spotsylvania and Stafford will be in another two years. They just had a lot more foreclosures out there, and their values continued to decline."

Not as many new homes were built in Arlington and Alexandria, McClain points out. "So you didn't have as many new home sales transactions like you had in Prince William, Loudoun and those other counties further out," he says.

The trend means more money from tax revenues for budgets in the works for fiscal year 2013.

WAMU 88.5

Taking Great Photos On Vacation Or "Staycation"

Professional photographers give us the latest on cameras, smart phones and shooting tips for great vacation photos this summer -- and every day.

NPR

Squeezed By Drought, California Farmers Switch To Less Thirsty Crops

Water scarcity is leading farmers away from planting staples and towards planting higher-value, lower-water specialty crops. Think wine grapes and pomegranates instead of citrus and avocados.
WAMU 88.5

Obama's Trip to Africa & Foreign Aid

By visiting Africa this month, President Obama is drawing attention to one of the diplomatic tools that most directly shapes America's relationships with other countries: foreign aid and assistance. But now all policy makers at home feel the United States is pursuing the soundest strategy when it comes to providing aid abroad. We explore the issue with the official in charge of the Africa portfolio for the United States Agency for International Development.

WAMU 88.5

Taking Great Photos On Vacation Or "Staycation"

Professional photographers give us the latest on cameras, smart phones and shooting tips for great vacation photos this summer -- and every day.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.