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Metropolitan DC Local Politics
Reply to "dc property tax large increase"
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[quote=Anonymous]mansion tax This week, the DC Council voted on the revised Fiscal Year 2025 Local Budget,[1] reversing some budget and program cuts proposed in Mayor Bowser’s budget proposal.[2] To make up for fiscal gaps, the Council is raising some taxes, including a real property tax increase for residential properties assessed at above $2.5 million. The so-called “mansion tax” would separate class 1 properties into classes 1a and 1b. Properties assessed above $2.5 million would be deemed class 1b and would be subject to a $1.00 tax per every $100 of assessed value above $2.5 million, compared to the current $0.85. The tax increase would generate an additional $5.7 million in revenue for fiscal year 2025 and $23.7 over the course of the financial plan thieves[/quote]
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