DC Property Values are up 14.6% from last year, it seems. Data shows that most of the poor and working-class neighborhoods are showing some of the biggest gains. It should shock no one that DC property values are up, especially since we’re in the high-turnover post-election property sell-off and buy-up! To see that Kalorama and Georgetown are up 94% in 3 years, or Alexandria up 113% since 2000, though, that is a shock to me.
There’s the ugly side to this, though, in the tax assessments that come with increasing value. As I’m sure Tiffany would say, any time you have to take out a loan just to pay your taxes, there’s something wrong. As property values climb, so, too, do the taxes based on those values, which puts many homeowners in the District in a bit of a pickle. With property taxes around 12-13% of the value of the property, that can sting pretty good.
If you’re interested in seeing the neighborhood by neighborhood breakdown, it’s available online.
This post appeared in its original form at DC Metblogs