Property Values
Well like many people I got my tax bill and my assessment. It seems that, according to the city, my house will be worth almost $10K less in 2010, compared to 2009. Oh well.I'm not too concerned as it is not a jump but a shuffle. When I bought the house, several years ago, I've seen the city assessment of the value jump $50-$100K each year. This might be the first sign that the peak is over. It doesn't however slow the 10% increase cap, which I noticed continues to go up. I bought the house before prices in the neighborhood shot up, and it is that lower value the cap was based on. That lower value has gone up about 10%.
Looking at my neighbors assessments, and really who doesn't look at the neighbor's assessments, the increases and decreases have been minimal on my block. Minimal as in a couple hundred dollars, $1K max, if any change.
Oh for anyone planning to fight their assessment, note that the city is placing a greater value on the land, not the house (aka improvements). So it won't matter too much if the house next door is nicer. For some odd reason your land is worth $200K and your house is worth $100K. Same with the badly maintained rental up the street. See for yourself at the DC Assessment database.
Labels: real estate, taxes
posted by Mari @ 1.3.09
2 Comments:
Mari,
Did you actually receive your assessment and bill from the DC Tax & Revenue or did you have to check on-line ?
James
Both. I got the assessment and in another envelop the bill. I also checked on-line to see what the neighboring houses are assessed at. I need to say, some houses listed as vacant, aren't really vacant. They've got peoples.
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