D.C. City Council Cuts Commercial Property Tax

Approved Budget Lowers Tax Rate to $1.65The Washington, D.C. City Council have approved the city's $5.4 billon FY2009 budget, including a cut in the commercial place taxation charge per unit totaling almost $21 million. The commercial place taxation charge per unit will be lowered to $1.65 per $100 of assessed value from the current charge per unit of $1.85, beginning October 1. The decreased charge per unit uses to the first $3 million of a commercial property's value. A separate proviso of the budget additions some transportation taxations from 2.2% to 2.9% of the sale terms of commercial properties, in order to increase gross by shutting a loophole which lets some concerns to avoid transportation and recordation taxes. The D.C. Council had sought upwards of $90 million in commercial existent estate place taxation alleviation over respective years, but a budget crunch bounds this taxation alleviation to one year, with the less charge per unit remaining only if the city's place taxation grosses transcend expectations.