In 2008; Washington DC property owners will be paying lower property taxes. This is the 2nd such cut in the past 2 years in the District of Columbia.
The Office of Tax and Revenue has said that because of the substantial market price increases of the past several years; many property owners have paid higher and higher taxes.
The new property tax rate for residential property changed October 1 from $0.88/$100 to $0.85/$100.
It's not a HUGE savings; but every bit helps. 
A quick breakdown:
$350,000 Assessed Value
-$64,000 Homestead Deduction (for qualified owner/occupied residents)*
$286,000/100 Divide by 100
2860 * .85 Multiply by Tax rate
$2431 Yearly Tax (Split between the 2 payements made in March and September)
* In 2006 and 2007, the amount of the homestead deduction was $60,000. For 2008, the homestead deduction is being increased to $64,000.
For more Information; visit the: DC Goverment Real Property Service Center
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