Washington DC Property Taxes — Home Value Appraisals — Make Professional Floor, Building & Landscaping Plans — Cheap Mortgage Refinance Rates
Home Value Appraisals, Property Tax Appeals
A D.C. Superior Court judge has ordered the city to issue cash refunds to thousands of D.C. homeowners whose 2002 property taxes were unfairly increased. The refunds could total $15 million, according to an estimate city attorneys provided to the court.
Judge Eugene Hamilton ruled in September that the increase in 2002 tax year assessments for 35,000 homeowners were "arbitrary, capricious, an abuse of discretion" and in violation of the law when city officials changed how they assessed residential property. Click Washington DC Property Taxes for complete article http://www.thecommondenominator.com/120105_update1.html
Washington DC Property Taxes Home Property Valuation Washington DC Property Tax Appeal and House Appraisal tutorial for home value appraisals and how to establish the market value of residential property and pursue a winning property tax appeal.
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Property taxes in the District of Columbia are among the highest in the nation. Real property is taxed based on its classification. Classification is the grouping of properties based on similar use. Properties in different classes are taxed at different rates.
A tax rate is the amount of tax on each $100 of the assessed value of the property. The rates are established by the Council of the District of Columbia and may change from year to year. Tax rates for the current year are provided at Washington DC tax rates and relief issues
Home Property Valuation Exemptions• The DC Council passed legislation that effectively limits increases in a homeowner's property tax bill to 15 percent per year, regardless of the size of the assessment increase. The cap will have a significant impact on District's revenues. It will result in a $20 million reduction in property tax revenues in 2003 and $47 million through 2006.
• Homeowners and renters with income below $20,000 are eligible for the Homeowner and Rental Property Tax Credit, which is designed to limit property tax burdens as a share of income.
• Homeowners 65 years or older with incomes below $100,000 are eligible for a 50 percent reduction in their property tax bill.
• The Housing Act of 2002 includes a provision (not yet implemented) to limit property tax increases to five percent per year for low-income homeowners (under $45,000 for a family of four) that have owned their homes for at least seven years.
For more information on property tax relief issues for Washington DC click here.
Personal income tax
• The District of Columbia has a variable income tax rate falling into 3 brackets ranging from 5 to a high of 9.5%
Sales tax
• The general consumer sales tax in the District of Columbia is 5.75 percent (food, prescription and non-prescription drugs exempt).
Also these additional sales taxes against tourists and nonresidents come into play:
· 5.75 percent for tangible personal property
· 9 percent for alcohol sold for off-premises consumption
· 10 percent for restaurant meals, take-out food, rental cars and telephone calling cards
· 12 percent for commercial parking
· 14.5 percent for hotel and motel rooms
· exempt from sales tax items include groceries,
prescription and nonprescription medicines, and residential utility services.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
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