What's Hot: Washington Spirit Owner Michele Kang Lists DC Home for $14.5 Million | The Smallest Home on the Market in DC
DC's Lowest Effective Property Taxes Are East of the River
A new analysis from the city’s Office of Revenue Analysis reveals that DC residents who own homes east of the Anacostia River pay the lowest effective property taxes in the city.
Before we delve into the findings, here is a quick primer on ways that DC homeowners see their tax burden go down.
DC’s Homestead Exemption deducts $70,400 from your property’s assessed value when calculating the amount of tax you must pay. Also, the city has an assessment cap that means a property can not be taxed on more than a 10 percent increase in its assessed value each year. Homes in neighborhoods where property values are rapidly rising benefit the most from the latter.
With those two provisions in mind, the latest post on District Measured states that the neighborhoods with the greatest difference between taxable assessments and market assessments are east of the Anacostia River and in areas where property values are growing rapidly:
In the Congress Heights neighborhood, for example, the taxable assessments are only 56 percent of the market assessments. In neighborhoods where values are growing fast, such as Eckington and Riggs Park, the taxable assessments are at about 67 to 68 percent of market assessments. In the northwest quadrant, especially west of Rock Creek Park, taxable assessments are closest to market assessments. This is because the housing values in these neighborhoods are very high, and they grow at much slower rates.
The map above outlines taxable assessments versus market assessments on a neighborhood-by-neighborhood basis.
This article originally published at https://dc.urbanturf.com/articles/blog/dcs_lowest_effective_property_taxes_are_east_of_the_river/9638.
Most Popular... This Week • Last 30 Days • Ever
Our guide for amateur landlords who don't really know what they're doing.... read »
The Heights, a ten-stall food hall that is taking over the spaces formerly occupied b... read »
Whole Foods announced yesterday that the 47,000 square foot store will open on June 2... read »
The Massachusetts Avenue Heights home was previously owned by the former chief execut... read »
A large new apartment and townhouse project has been pitched for the growing pipeline... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
The residential projects that have sprouted up on the Maryland and DC sides of the Fr... read »
With a groundbreaking ceremony on Wednesday, the redevelopment of the Georgetown Wes... read »
The 23,600 square-foot mansion just hit the market, and would set a record if it fetc... read »
The immaculately kept 100-year-old house features six bedrooms and four-and-a-half ba... 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 »
- The Essential Guide to Being an Amateur Landlord in DC
- Friendship Heights Food Hall Could Open This Month
- Whole Foods at Walter Reed to Open at End of June
- Washington Spirit Owner Michele Kang Lists DC Home for $14.5 Million
- A Two-Phase, 370-Unit Development Pitched For Columbia Pike Gas Station Site
- First-Timer Primer: Virginia's Home Buyer Assistance Programs
- Mall Conversions, Trader Joes? The 1,500 Units in the Friendship Heights Pipeline
- The Four Seasons Private Residences in Georgetown Break Ground
- DC's Blaine Mansion Lists For $30 Million, A Potentially Record-Setting Price in the City
- Now Selling: A 16th Street Heights Victorian on an Island of Its Own
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