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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm glad I own a modest row house in DC because I need to know that I'll always be able to afford the property taxes. I think a decade from now the people who own the Milion+ homes are going to feel the pain of property taxes like NY and NJ. [/quote]

The moaning has already started.  This gem was on the ChCh listserv because of the *possibility* of graduated property taxes!

[quote]
So, let me understand, those of us who bought our homes years ago at was is now considered, way below todays values, in our case 45 years ago, a home we could never afford to buy  today! We paid $186,000, the then fair rate, and because the city says it would now be worth over $1,500,000, and we are now retired and on a lower yet steady yet moderate income, we may now be penalized because our property is worth so much more, yet that value could only be realized if our home were to be sold, and we have no interest in selling at this point!

Am I missing something here? Maybe I could see a special tax when our property is sold, but to tax us more now is ridiculous!

Are people trying to drive the seniors who have supported this city through its ups and down out of the city?  This will never drive me out but time will tell!

Let’s look for equitable tax sources, this one is insane for long-time owners who have lived in the city for years and with the current crime  situation are receiving less!
[/quote]

Oh, you poor, victimized person whose home has increased *at least* 8x in value over 45 years (btw inflation was only about 4x).... /tiny violin.[/quote]

The problem is that the complainer's assessed value is still well below $1.5MM because DC caps annual increases in assessed value at 10%, but gives full credit for price decreases.  During this homeowner's time period (i.e., 1980 until today), assessed values actually decreased in the 1990s, so I doubt the homeowner's assessed value is much more than like $750k (probably less) today.

I paid 3x what this person paid in 2000, and my assessed value is still well below $1.5MM, even though the market value has exceeded the treshold.

If this tax change happens, it will impact recent homeowners dramatically more than folks who have owned their homes for 45 years.  There are also senior property tax discounts, which I gather this person can avail.  I don't think those factor a senior's income or NW into who benefits.[/quote]

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