The assessed value, in millions of dollars, of the Old City 1 neighborhood between 2000 and 2016.
Residential property assessments rose six percent over the last year, according to a new post on District Measured by Yesim Sayin Taylor at the DC Office of the Financial Officer.
For 2016, the tax assessment total for the District’s housing stock is $105 billion, more than six times the property tax assessments made in 2000. District Measured found that most of this growth is from new home construction since tax year 2000, but noted that some of the growth is attributable to appreciation of DC housing. (If your home has been affected by the latter, check out our post here to find out how to appeal an assessment and our post on what you can expect from the assessment process.)
The broad swath of neighborhoods falling under the umbrella of Old City 1 and Old City 2, which encompass everything from Adams Morgan to the U Street Corridor to parts of Southwest Waterfront, saw the largest volume increase for assessments, which isn’t surprising. Most of the $1.6 billion in growth in these neighborhoods came from new housing stock. However, the highest growth in assessments were seen in northeast DC neighborhoods like Riggs Park (16%) and Trinidad, LeDroit Park, and Eckington, where assessments grew 12 percent.
Here is an interesting final tidbit: Taylor notes that in tax year 2000, 15 percent of the city’s property value was located in Georgetown and Chevy Chase; now that’s down to 10 percent, as neighborhoods across the city have a more significant share of the District’s total assessed property value. NoMa is a particularly outstanding example of how new housing stock can dramatically alter a neighborhood’s assessed value: in tax year 2000, NoMa didn’t even exist, and the very small amount of assessed residential property within its borders was factored into assessments in Old City 1. This year NoMa was assessed at $483 million.
This article originally published at http://dc.urbanturf.com/articles/blog/property_assessments_grew_6_percent_in_the_district_this_year/9599
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