Email announcement:
Hello neighbor!
The Rosedale Citizens Alliance will have its next meeting this Monday,
March 3rd at 7:30PM. We'll be at Cafe Roma, our neighborhood's new
Italian bakery/coffee shop, located at 411 18th ST NE. It is a small
space, but we want everyone to get a chance to see it. So come
expecting to squeeze in!
The meeting will focus on the state of the neighborhood, covering such
issues as traffic, recreation, the community garden, neighborhood
beautification, commerical development, and anything else anyone wants
to bring up. We'll have a roundtable discussion that will result in
RCA's goals for the coming months.
We hope to see you there!
-Rick Uzes
President, RCA
13 comments:
Sorry to hi-jack the thread- but I have a question in regards to property taxes/assessments maybe you all can help me understand.
How is it some properties are Current Value/Propesed Value are a lot higher than the actual Taxable assessment?
I asked this because the Values are the same on both lines for me.
I compare properties that were bought around the same time as mine and some properties have a difference of $200K lower
Thanks
The difference is likely due to the homestead exemption. If you live in a home that you own you should get this exemption. You'll need to file a form with the Office of Tax and Revenue. I'm surprised this wasn't done at closing. That is the normal time when such forms are filled out. The other possibility, if you bought a while back, and I've seen this before, is that you received a tax abatement and your value now may come out higher as that ends. You should know if that was the case. Frankly, I also don't know if the value is supposed to reset with a stepped up value or not, but it did happen to my friend.
HHmm well I am receiving the Homestead deduction, it even says so on the Real Property website. Perhaps that some how the credit isn't being applied?
Call OTR. It sounds like a mistake. I assume you are not wrongly getting the homestead deduction on another DC home that you own.
Well I only own/occupy this home.
On phone with OTR- holding time approx 15min and longer..HHmprh
There's one other (important) reason why the Current Total Value and Proposed Total Value can differ tremendously from the Taxable Assessment for some properties, while be the same or near to it for others.
There is no cap to how much the total value assessment can increase each year. However, there is a cap to how much the taxable assessment can increase per year: proposed taxable assessment can't exceed current taxable assement by more than 10% of the current taxable assessment.
Thus, for people who have owned their home for a long time, property values have climbed dramatically and the total value assessment has correspondingly climbed dramatically, while the taxable assessment has risen much more slowly.
But when the house is sold and a new buyer moves in, the taxable assessment immediately jumps up to the current total value assessment. Thus, when you don't see much of a difference between taxable assessment and total value assessment, it usually means the home was sold within the last several years.
We bought our house in October of 2006, and thus our taxable assessment is effectively the same as our total value assessment. Our next-door neighbors, meanwhile, have a taxable assessment that's about 30% of their total value assessment. But they've been in that house for 35 years.
Whoops, sorry, just noticed that you referred to properties bought around the same time. In that case, I dunno.
I'm surprised the difference is 200k in their cases but the same for yours. If your numbers are the same and there's no mistake, then that would suggest you bought recently and the total assessed value hasn't changed much since then. You'd expect the same to be true for comparable properties bought around the same time. The only difference, then, should be the homestead deduction, which is a lot less than $200k.
Argh. Homestead *tax credit*, not deduction.
Actually, it is called the homestead deduction, not credit. I don't think, even if they bought recently, that the taxable assessment should be the same as the proposed/current assessed value. The taxable assessment should reflect the homestead deduction. The following is from OTR's website: This benefit reduces your real property's assessed value by $64,000 prior to computing the yearly tax liability. I think anonymous just isn't getting the homestead deduction.
Hm, well, the value on the district real property assessment website for our house has the values as the same; but our paper copy seems to show the homestead deduction, and it was definitely applied to our bill last year.
I dunno.
Happy to finally see some news about Cafe Roma, even if it is only to announce the RCA meeting. This place could be a great addition to the neighborhood, but it certainly needs community support like so many of the establishments on H Street. And the coffee and homemade pastries are pretty good! Thanks for all of the other updates.
953, there was a post about Cafe Roma a few days ago with links to photos.
Sorry that I missed that post - I had been looking for it, but obviously not closely enough. Thanks.
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