A bill that would exempt certain DC homeowners aged 70 and older from paying property taxes was passed by the DC Council on Tuesday. Only those senior citizens who have lived in the city for 20 consecutive years, have an annual income of $60,000 or less, and maintain total assets of $250,000 or less (excluding the residence) would be eligible.
The bill, authored by Councilmember Anita Bonds, was amended since its first reading back in January, to include a provision ensuring that wealthier city residents would not be able to claim the benefit.
The legislation is not without its critics who contend that it doesn’t address renters and is unnecessary: the District currently offers a 50 percent property tax reduction to homeowners over the age of 65 with an adjusted gross income under $100,000.
Now that the Council has passed the bill, it will go to Mayor Gray for his signature but since funding must be identified before implementation, it remains unclear if it be will signed into law.
This article originally published at https://dc.urbanturf.com/articles/blog/dc_council_passes_bill_nixing_property_taxes_for_certain_seniors/8199.
Most Popular... This Week • Last 30 Days • Ever
Harry Wardman is responsible for developing huge swaths of northwest DC, from row hou... read »
The neighborhoods where prices have risen the most have one thing in common.... read »
UrbanTurf reached out to a local economist to see which direction home prices are hea... read »
Here are some precautions to take before buying real estate with a buddy.... read »
Intersect at O includes five dramatic elevator townhomes, designed for luxury living.... read »
With interest rates reaching their highest levels in 14 years, it is critically impor... read »
Before deciding to build an addition to your rowhouse, find out whether you'll need t... read »
A stately five-bedroom Woodley Park house has been home to not one, not two, but thre... read »
A look at the residential projects in the works within a block or two of Dave Thomas ... read »
The most active developer in the Union Market has more plans on the boards.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro