Lunchtime Research: Taxes and commerce pt 1
Actually the research started before I headed to work, following up on a thought someone had brought up about people being forced out of the neighborhood because of rising real estate taxes. I've already covered the fact that some oldtimers who have kept their eye on the ball with the homestead exemption pay a pittance in RE taxes, so no need to rehash it.While I was poking around reaffirming that notion, I noticed something about businesses and their RE tax. We're all familiar with the loss of the Warehouse Theater due to skyrocketing RE tax. Well they are no exception to rising taxable assessments. Over on the block that used to have the non-profit bike shop (I think a non-profit works out of that building) and currently has a Chinese take-away and a used/rent-wreck car lot, Square 476, the assessments have gone up a lot. I have to say 'a lot' because I can't do math, I flunked out of B-School. A lot, as in 1628 6th St NW going from $184,690 (2007) to $444,280 (2008). Not as bad is the beauty shop (well use code says beauty shop) at 508 RI Ave NW going from $179,380 (2007) to $331,260 (2008).
Over in my neck of the woods, in the TC, I just got confused with the tax classes. 1627 1st St NW is in the 'Residential' tax class but the use code is a 'Store' and it is $99,020 (2007) & $177,470 (2008), while next to it is 1625 1st St NW use code '49-Commercial-Retail-Misc' in the residential tax class at $263,020 (2007) & $468,460 (2008).
Down North Capitol the taxable assessments double, except for one guy. 1338 North Cap $241,180 (2007) to $585,670 (2008); 1324 North Cap $160,680 to $324,790; 1304 North Cap $264,680 to $583,170; and Brian Brown's 1334 N. Cap $437,130 to $954,920 ouch! Strangely, possibly for very explainable reasons Big Ben liquors at 1300 North Capitol's taxable assessment barely moves at $212,360(2007) to $247,670 (2008).
The thing that makes me wonder is what does it mean for the growth of the commercial corridor? And there is little relief, unlike homeowners who can claim the homestead exemption, businesses have to suck up the rises.
posted by Mari @ 4.10.07
1 Comments:
It gets worse. the whole block thast warehouse is on? the assessments arent going up 5x, it more like 6x or 7x. some buildings are even increased 10x. I fear none of those businesses will survive - marrakesh, eritrean center, warehouse theater. This might be what forces them to sell to Jemal who has big plans.
The assessments are so not consistant. Also with regard to the taxes, check the actual amounts billed. the record will say Class 1 but the amount could be Class 3 (5%).
Post a Comment
Links to this post:
Create a Link
<< Home