Actual property levies within the nation’s capital are primarily based on the assessed market worth of residential and industrial properties. This assessed worth is decided by the Workplace of Tax and Income and is topic to periodic reassessments. The tax price is utilized to this assessed worth to calculate the annual tax legal responsibility. For instance, a property assessed at $500,000 with a tax price of 1% would have an annual tax legal responsibility of $5,000.
These levies are a significant income for the District, funding important public companies similar to faculties, infrastructure, and public security. They contribute considerably to town’s funds and play a vital function in sustaining and enhancing the standard of life for residents. Traditionally, property taxation has been a cornerstone of municipal finance within the District, enabling funding in neighborhood growth and public companies.
