DC Reduces Tax Rates, Increases Exemptions

The Tax rate for Class 1 Properties (Residential) has been reduced from $0.96 per hundred dollars to $0.92.

The Assessment Cap Credit, the cap on how much the taxes can increase per year on owner occupied properties, has been reduced from 12% per year to 10% per year.

The Homestead Exemption - the amount of assessed value exempt from taxation for owner occupied properties has been increased from $48,000 to $60,000.

If you have any questions about this information, feel free to check in with the people at RGS Title in Bethesda (301-654-9800) and mention my name (Tom Williams).