Real Estate Tax Assessments in DC, MD & VA

Navigating DC property taxes can be a lot to handle, especially if you suspect your property may have been over-assessed, resulting in an inflated tax rate. When you have questions about your real estate assessment, Coakley Realty is here to help.

Our team of real estate experts can help you with your DC property tax assessment needs. We’ll go over your assessment, explain your rates, and talk about deductions with you. Our goal is to ensure that you get the best tax services possible.

Contact Coakley Realty now to schedule a consultation for your DC real estate tax assessment.

How Washington DC Property Taxes Work

Property taxes in Washington, DC, can be confusing. Whether you’re a homeowner, a business owner, or both, it’s important to work with experts to handle your taxes.

Property taxes are levied on both residential and commercial real estate in Washington, DC. Properties are reassessed annually and tax bills are typically sent semi-annually. Rates can vary based on several factors, complicating things further.

Look to the pros at Coakley Realty to guide you through the DC tax assessment process.

Current Tax Rates

The current tax rates are based on different classes of each type of real property. The classes and rates include:

• Class 1A: Residential and multi-family properties, taxed at 85 cents per $100
• Class 1B: Residential units with 1 or 2 dwellings, taxed at 85 cents per $100 for the first $2.5mm, then taxed at $1 thereafter.
• Class 2 (Below $5mm): Commercial properties, taxed at $1.65 per $100
• Class 2 (Between $5mm and $10mm): Commercial properties, taxed at $1.77 per $100
• Class 2 (Above $10mm): Commercial properties, taxed at $1.89 per $100
• Class 3: Vacant real properties, taxed at $5 per $100
• Class 4: Blighted real properties, taxed at $10 per $100

Tax Deductions

For homeowners and business owners alike, there are tax deductions available. A few of the most common deductions include:

• Assessment Cap Credit: This limits annual tax increases on residential property to 10% for eligible homeowners.
• Senior Assessment Cap Credit: Seniors with homestead and tax relief status are capped at a 2% increase annually.
• First-Time Homebuyer Individual Income Tax Credit: First-time homebuyers may receive a federal tax credit of up to $5,000, based on their income.
• Homestead Deduction: This deduction lowers the assessed value of a primary residence by $87,050 and lowers annual property taxes.
• Individual Income Property Tax Credit (Schedule H): This credit provides DC residents earning below certain income limits with up to $1,375 off their individual income tax.

Navigating your DC tax rates and potential deductions can be tough. Let Coakley Realty guide you.

Appealing an Assessment

It’s possible to appeal a property tax assessment if you feel there is an issue. Coakley Realty can help you file the paperwork, explain your position, and potentially lower your tax rate. DC residents and business owners can appeal an assessment if:

• They disagree with the value assessment
• They believe a mistake has been made
• They believe market changes weren’t considered

No matter your situation, let our staff take a look at your assessment and help you file an appeal.

Choose Coakley Realty for Your Real Estate Tax Assessment 

For years, our team has been helping clients in DC handle their property tax situations. Our team can help you understand your tax rates, uncover rebates, and file appeals as needed. Our team’s goal is to make sure your taxes are fair and correct.

Contact Coakley Realty now to schedule a consultation about your DC tax assessment.