The Washington, DC Office of Tax and Revenue has increased the Homestead Deduction benefit for the second straight year! What does this mean for you as a homeowner in the District? To put it simply, your annual property taxable value with be reduced by an additional $596.70. That’s a jump in reduction from $69,100 to $70,200, which is taken off the assessed value of your room before calculating taxes. There are three stipulations:
1. You must own your property and use it as your primary residence.
2. The property must not include more than five residential units, including the owner’s.
3. Fill out an application!
To fill out an application, click here. If filed and approved by September 30th, the benefit will be extended to you for the second half of 2014 and for all future tax years in full. With quickly rising home prices, the District of Columbia is doing their best to help save property owners’ money, and this definitely doesn’t hurt!
