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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