loading...

More Details Emerge For DC’s Proposed “Mansion Tax”

by Nena Perry-Brown

Last week, UrbanTurf reported on a DC councilmember's plans to enact a "mansion tax" on high-valued homes in DC. On Monday, more details of what that bill would look like came to light. 

At-Large Councilmember David Grosso introduced the Residential Real Property Taxes Equitable Alignment Act of 2019, a bill which would enact a more progressive residential property tax structure citywide.

If implemented, the bill would create two additional property tax rates: $1.25 for each additional $100 of assessed value over $1.5 million, and $1.50 for each additional $100 over $5 million. The standard residential property tax is 85 cents per $100 of value, not counting other deductions. 

“D.C. has experienced tremendous economic growth in the past decade, but not everyone has shared in that prosperity,” Grosso said in a statement. “My proposal makes our property tax structure more equitable by increasing the rates on those at the top."

Ward 1 Councilmember Brianne Nadeau signed onto the bill as a co-sponsor. The bill is expected to be referred to the Committee on Finance and Revenue.

See other articles related to: property taxes, dc mansion tax, dc council

This article originally published at http://dc.urbanturf.com/articles/blog/more-details-emerge-on-proposed-dc-mansion-tax/15396

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!