DC Passes Mansion Tax With 2025 Budget

• June 13th

by UrbanTurf Staff

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A "mansion tax" has been passed as part of DC's 2025 budget.

On Wednesday, the DC Council passed the city’s $21 billion budget for fiscal 2025. Included in the budget is a property tax hike on homes in the city valued at more than $2.5 million. Specifically, the tax will 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.

The DC Policy Center recently put out a chart looking at the neighborhoods that have the highest volume of homes affected by the new tax.

"Georgetown is home to the most properties assessed above $2.5 million, at 515 properties, or 20 percent of its total properties," the post stated "Of all neighborhoods in the District, Massachusetts Avenue Heights has the highest percentage of properties assessed above $2.5 million, with 50.7 percent of all properties in the neighborhood falling into that category. Over 50 percent of the estimated increase in tax revenue will come from three neighborhoods: Georgetown, Kalorama, and Massachusetts Avenue Heights."

Other neighborhoods with a high proportion of homes that would be taxed include Spring Valley, Kent, Palisades and Chevy Chase. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_passes_mansion_tax_with_2025_budget/22425.