Property Tax Updates in Washington DCTax Professionals' Resource
February 20, 2013 — 1,470 views
In Washington DC, property tax was the first type of tax levied on people. The collection of property tax accounts for around 30% of the total local and state revenue in Washington DC. It is the most important form of revenue source, mainly for library, fire protection, public schools and special districts.
The law in Washington DC requires the examiners to evaluate the property at 100% of the fair and true market value. All personal and real property is subjected to tax, unless it is exempted by the law specifically. Real property tax exemptions and tax deferrals are allowed for the disabled and senior citizens of the state. Here is an update of Washington DC property tax.
Property tax to Remain the Same in 2013
From three years, Washington DC has not been charging the property-tax payers any additional money to support its operations and programs. In December 2012, the County Board certified the budget of 2013, the property-tax, and levies for Redevelopment and Housing Authority. Both the levies do not represent any sort of raise from 2012. Overall budget will be approximately $172.7 million. Additional information regarding the 2013 budget would be handed over by elected officials and department heads. The final budget plan of 2013 will cover Washington DC's expected expenditure.
Tax Exemption for seniors
Washington DC property tax for senior citizens is different. As announced in December 2012, there are two new programs for the disabled and senior citizens to pay off the property tax. Age, disability and household income determine if you are eligible for the programs. Under these exemption programs, disabled and senior citizens can reduce their property tax payment. For these citizens, the value of residence will be frozen for the property tax. This exemption will be available only for the primary residence. Senior citizens, who are over 61 years, can apply for this program.
If you are a taxpayer in Washington DC, you can even claim your rights or ask for refund, in case you have overpaid your taxes. Even if you are not very sure of your audit results, you can still file a suit with the Law Department’s Appeals Division.
Values of Commercial Property in Seattle Region Trending Upwards
Most owners of the commercial property in Bellevue and Seattle region are witnessing a raise on the examined value notices currently. The reports of the examiners for property types display higher scores when compared to last year. For retail, the values have increased by 5.69 percent approximately because of stable rents, declining capitalization, and lower vacancy rates.
The examiner believes that hospitality industry will recover in no time. Currently, it is facing ten percent rise in the hotel values. When it comes to the value for office buildings, it has increased by 10 percent. However, in some suburban regions like South King County, the values are quite flat. The value for industrial and warehouse properties has increased by less than a percent overall. However, business parks have indicated a decrease in their value, with 1.20 percent dip overall. So, property taxes in such cases are likely to be less.