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A Mansion Tax Proposed For DC

  • May 28th 2024

by UrbanTurf Staff

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A "mansion tax" is back on the table for DC. 

As part of his 2025 budget proposal, DC Council Chair Phil Mendelson has included a plan to raise taxes on homes in the city valued at more than $2.5 million. Specifically, the tax would be $1 for every $100 of assessed property value above $2.5 million. Usable and occupied residential properties in DC are taxed at a rate of $0.85 per $100 of the assessed value.

This is not the first time that a mansion tax has been proposed for the city. 

Five years ago, At-Large Councilmember David Grosso introduced the Residential Real Property Taxes Equitable Alignment Act of 2019, a bill which would've enacted a more progressive residential property tax structure citywide. Specifically, the bill would've created two additional property tax rates: $1.25 for each additional $100 of assessed value over $1.5 million, and $1.50 for each additional $100 over $5 million.

UrbanTurf will continue to provide updates on the newly proposed tax as the budget process moves forward. 

See other articles related to: dc mansion tax

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/a_mansion_tax_proposed_for_dc/22357.

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