NEWS RELEASE FOR IMMEDIATE RELEASE August 9, 2002 Tax Assessors to Begin Physical Inspections of DC Neighborhood Properties (Washington, DC) The District of Columbia Office of Tax and Revenue announced today that its tax assessors will start conducting real property inspections throughout District neighborhoods. For the first three weeks, tax assessors will inspect properties sold between January 2001 and July 2002. These inspections will review recent property sales in order to better reflect the market value of similar neighborhood properties. Tax assessors will then begin the annual re-assessment of all District residential and commercial properties. "We are going into the communities to meet, greet and partner with property owners," said Herbert J. Huff, deputy chief financial officer. "We want them to get involved in the assessment process by walking with us, talking with us and showing us their properties. The tax assessors will look at lot size, collecting physical data on the outside and hopefully on the inside. Sales of properties are not always an accurate indicator of the property value and must be qualified. Oftentimes, a property value is higher or lower, depending on the negotiation between the buyer and seller. These recently sold properties will be used to help determine the value of similar properties in the neighborhood." If the property owner is not available at the time of the inspection visit, the tax assessor will leave a note with their name and telephone number for the property owner to call at his or her earliest convenience. Tax assessors, wearing an official Office of Tax and Revenue identification badge, will knock on the door and identify themselves. Tax assessors will only conduct a property inspection visit in homes where an adult is present.