DC Council Sends Bill to Increase the Homestead Exemption Back to Committee
A bill that would raise DC's homestead exemption and reduce the tax assessment value on owner-occupied homes in the city was sent back to committee for more debate on Tuesday by the DC Council.
The Homestead Exemption Increase Amendment Act of 2019 was introduced by Ward 4 Councilmember Brandon Todd in January and would reduce the tax assessment value of owner-occupied residential properties in DC. Specifically, the homestead exemption would increase from $74,850 to $125,000 for single-family homes and residential co-ops. Last month, UrbanTurf reported on the Fiscal Impact Statement that stated that the bill would reduce real property tax revenues by $37.2 million by fiscal year 2020.
story continues below
loading...story continues above
Although the majority of the council co-sponsored or introduced a nearly identical bill last year, this year's bill had no co-sponsors, although there are plans to make the bill more palatable. At-Large Councilmember Robert White has floated an amendment that would replace the spending on the $38 million expected from the tax break and instead spend that on the Schedule H tax credit, a property tax provision that targets low- and moderate-income households.
UrbanTurf will continue to monitor the bill's progress.
See other articles related to: dc council, dc property tax assessments, dc property taxes, property taxes
This article originally published at https://dc.urbanturf.com/articles/blog/dc-council-debates-bill-to-increase-the-homestead-exemption/15084.
Most Popular... This Week • Last 30 Days • Ever

This week's Best New Listings includes an expansive three-building property in Maryla... read »

UrbanTurf created Pipeline, a searchable database of multifamily projects that are un... read »

As we head towards the end of the year, UrbanTurf is wrapping up its coverage of larg... read »

Prices in Wesley Heights, a DC neighborhood to the south of Spring Valley bordered by... read »

Today, UrbanTurf takes a look at the distinct differences between these two popular f... read »
- Best New Listings: Three Buildings in Maryland, Two Bedrooms in Dupont and Views in Logan
- The Nearly 750 Projects in UrbanTurf's Pipeline
- The 8 Large Developments on the Boards From Anacostia to the Bridge District
- The DC Neighborhood Where Home Prices Have Risen The Most in 2023
- The Difference Between Condos and Co-ops
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro