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 charge is utilized to this assessed worth to calculate the annual tax legal responsibility. For instance, a property assessed at $500,000 with a tax charge of 1% would have an annual tax legal responsibility of $5,000.
These levies are an important income for the District, funding important public providers similar to colleges, infrastructure, and public security. They contribute considerably to town’s price range and play a vital function in sustaining and bettering the standard of life for residents. Traditionally, property taxation has been a cornerstone of municipal finance within the District, enabling funding in neighborhood improvement and public providers.
