The Office of Tax and Revenue (OTR) announced today that it has begun to mail Tax Year 2015 assessment notices to all real property owners in the District of Columbia. A total of 192,994 taxable and exempt real properties have been reassessed to reflect current market values as of January 1, 2014. Property owners receiving new assessment notices will not be taxed on the new assessed value until March 2015.
The District’s real estate market continues to show improvement as the average increase in residential properties was 8.33 percent. The commercial market also shows improvement with a 12.59 percent increase in values.
The District continues to benefit of an influx of 1,000 new residents per month and strong investment in our commercial real estate by both national and international investors.
The 2015 real property assessment notice contains the proposed assessed value for a property, as well as the estimated taxable assessment and important information related to property tax relief programs such as the homestead benefit and senior citizen tax relief. In addition, included on the notice is the assigned assessor’s contact information for taxpayers who wish to discuss their assessment.
District property owners who believe their proposed 2015 assessment does not reflect the market value of their property are encouraged to file an appeal on or before April 1, 2014. The appeal process begins when a property owner submits a First Level Appeal Application to OTR.