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 http://dc.urbanturf.com/articles/blog/dc_council_passes_bill_nixing_property_taxes_for_certain_seniors/8199
Most Popular... This Week • Last 30 Days • Ever
The Brooks—a collection of 89 elegantly appointed condominiums at The Parks at Walt... read »
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
The next phase on the Center Block would deliver 166 apartments and 221 hotel rooms.... read »
DC's crane count still ranks as one of the highest among U.S. cities despite a declin... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The yet-to-be-built home may set a new bar for luxury in the residential real estate ... read »
Federal Realty plans to eventually file a planned unit development application for th... 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