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While Federal Estate Tax Ceiling Doubles, DC Estate Tax Halved
If you feel like prices at the register are higher in DC next month, you will be correct.
Starting October 1st, several tax rate changes in the District will take effect, and today, the Office of Tax and Revenue (OTR) issued a reminder enumerating those changes.
Besides a 0.25 percent increase in the sales tax, changes to property-related taxes will also go into effect for the 2019 fiscal year, one being a response to the federal tax reform which passed late last year. While the new federal estate tax exemption ceiling was raised to $11 million, the District passed a budget halving the state estate tax exemption ceiling to $5.6 million.
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Properties covered by the homestead deduction and Senior or Disabled Owner Real Property Tax Relief will be eligible for a Senior/Disabled Assessment Cap Credit, which would limit the taxable portion of a real property assessment to a maximum 5 percent increase. While the assessed value of the property would be unchanged, the difference between the assessed value and the 5 percent cap would be automatically credited.
Tax-exempt properties will also remain tax-exempt if any part of the property generates certified stormwater retention credits. Real property tax rates for Class 2 commercial properties have also been adjusted.
See other articles related to: dc tax credit, estate taxes, property taxes, tax assessments, tax credit, taxes
This article originally published at https://dc.urbanturf.com/articles/blog/while-federal-estate-tax-ceiling-doubles-dc-estate-tax-halved/14400.
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