Tuesday, February 28, 2006
Property Assessments Continue Sky Rocketing
Last year Trinidad had the city's highest increase at 33%. This year our assessments increased by an average of 47%! I don't know if that's the city's highest increase. The District also recorded large jumps in property assessments for portions of Southeast. Check out the Post article here.
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yeah, I got mine, and my eyes nearly popped out of my head! I guess its sort of a good sign for the neighborhood, but it was still a little shocking.
Is there any way to challenge your assessment? I assume that without specific reasons that your house is really in bad shape, you're sunk. But man....
You can challenge assessments. I think there may be instructions at the bottom of the assessment.
We got ours too. On the south side of the Hill Up by $200K. Yikes!
Can anyone clarify...
The Post article says:
"The city places a 10 percent cap on yearly tax increases for owner-occupied properties."
How is it that $200K yearly increases can occur?
Your assessment can increase by more than 10%. It's your taxes that are capped (assuming you have the Homestead deduction).
North of the hill is going nuts--several people reporting 60-90% increases. Assessment goes up unlimited, but the amount that you actually pay cannot increase by more than 10%.
I had a 50% increase last year for just South of H Street. Only 10% this year, however. When houses are selling for $200-300k over their assessed value, the Government will eventually catch up to that.
I couldn't believe my eyes when I opened mine....they raised the assessment to nearly the actual market value :-) It's tough to appeal these jumps when they're still a little lower than the actual value of the home.
Ours was bumped about 30%, on top of last year's huge jump. The scary part is now our assessment is well over the market value of the house! I could never get from a buyer what DC thinks my house is worth, maybe they'd like to buy it for that price?
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