Actual property levies within the nation’s capital are primarily based on the assessed market worth of residential and business properties. This assessed worth is set by the Workplace of Tax and Income and is topic to periodic reassessments. The tax fee is utilized to this assessed worth to calculate the annual tax legal responsibility. For instance, a property assessed at $500,000 with a tax fee of 1% would have an annual tax legal responsibility of $5,000.
These levies are an important income for the District, funding important public companies equivalent to colleges, infrastructure, and public security. They contribute considerably to town’s finances 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 improvement and public companies.
