DC Property Tax Assessments Show Decrease in Value
✉️ Want to forward this article? Click here.
Home For Sale in Berkley Neighborhood
DC’s Office of Tax and Revenue sent out 2011 tax assessment notices to property owners today, and most owners will likely be disappointed by what they get in the mail as residential property assessments dropped by an average of 3.7 percent. The average change for residential properties in fiscal 2010 was -3.67 percent.
Areas with the biggest drops were Hillcrest (-15 percent), Congress Heights (-13.2 percent), Deanwood (-12.6 percent) and Randle Heights (-10.8 percent). Last year, the hardest hit neighborhoods were Michigan Park (-15.57 percent), Crestwood (-13.36 percent), Petworth (-11.71 percent), Woodridge (-10.99 percent), and Riggs Park (-10.10 percent).
Very few neighborhoods actually saw assessments rise, and if they rose at all, it was modest. The three neighborhoods leading the way were: Berkley (5.1 percent), Kent (3.51 percent) and Central (2.09 percent). Last year, the top neighborhoods were Forest Hills (+1.82%), Burleith (+1.78%), Central (+1.73%), Palisades (+1.51%), and Foggy Bottom (+1.20%).
Owners will likely be further perturbed by the effect of legislation that has now gone into effect requiring homeowners to pay at least 40 percent of a property’s assessed value. On average, that bumps up property taxes by about $345.
This news comes on the heels of the report we featured yesterday that indicated home prices in the DC area had increased noticeably over the last year. The report did factor Virginia and Maryland into the increase and it was also hard to tell from the language if the report was talking about an increase in a home’s valuation or an increase in what homes were being listed for when they hit the market.
For the DC government’s full list of percentage change by neighborhood, click here.
See other articles related to: dc home prices, home values, taxes
This article originally published at https://dc.urbanturf.com/articles/blog/dc_property_tax_assessments_show_decrease_in_value/1822.
Most Popular... This Week • Last 30 Days • Ever
A look at the closing costs that homebuyers pay at the closing table.... read »
3331 N Street NW sold in an off-market transaction on Thursday for nearly $12 million... read »
In this article, UrbanTurf will explore the considerations and steps involved in buyi... read »
The most expensive home to sell in the DC region in years closed on Halloween for an ... read »
Paradigm Development Company has plans in the works to build a 12-story, 110-unit con... 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. 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