Agent Insight

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DC TAX ASSESSMENT APPEALS PROCESS

DC properties are reassessed EVERY year. Assessment notices are mailed in February.

The Real Property Tax Administration (RPTA) assesses properties at 100% of Estimated Market Value, defined as the most probable price that a buyer would pay a willing seller on the open market.

3 LEVEL APPEALS PROCESS

  • Current owners must file petition appeal by April 1st ;
  • New owners can appeal the Proposed 2019 Assessed Value within 45 days of a new deed recorded by September 30th 2018.
  • New Owners can also appeal the current assessed value within 45 days of transfer, or April 1st., whichever is later

1st Level of Appeal-- ASSESSOR LEVEL:

  • ADMINISTRATIVE REVIEW to the assessor https://otr.cfo.dc.gov/page/real-property-assessment-appeals

Appeal must be based on 1 or more of 4 factors:

1. Estimated Market Value (based on sales from Jan-Dec)

    • (You have a right to the list of properties the assessor based his or her assessment on, bring settlement statement, appraisal, and possible errors in the properties used in the assessor’s market comparison; i.e.: less sq footage, no parking, no finished basement, etc.)

2. Equalization

    • Go on line and check your neighbor’s assessment and everyone on the block with similar property. If there is a disparity, you can argue there is an error in the assessment and needs to be equalized

3. Classification

i.e. Property listed as Commercial instead of Residential

4. Property Damage or Condition

    • Including fire or water damage. Bring pictures, cost estimates, damage claims.

2nd LEVEL of Appeal –COMMISSION LEVEL:

If unsuccessful at the 1st Level, you have the right to hearing in front of the Real Pro...

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Getting your property ready the market takes preparation. We have you covered! Check out our pre-listing marketing roadmap. This timeline typically takes a couple weeks but we often fast-track when needed. Below is just a glimpse at our process. Contact us to discuss in detail.

Listing Agreement
Needed to establish agency representation which allows us to prepare and promote your property. Pricing determined prior to market or private placement date.

Private Placement
Optional- an opportunity to market your property to Compass and other select agents prior to syndication.

Staging ConsultationIf your property is occupied we provide you with professional staging and organization consultation which can range from repairs and color schemes to dec...

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Multiple offers on DC properties are more common than you may think. So, how does the "bidding" process work? Escalation Clause!

There are two parts to an Escalation Clause: 1. The “Escalating Factor” or increment over the next best offer, and 2. “Cap” - The maximum the buyer is willing to pay.

For example, let's say you're submitting an offer on a listing priced at $700,000

Let's start with the Escalating Factor (amount over the next best offer). In my experience, a strong escalating factor or increment is anywhere from 1-2% of the sales price, depending on your terms and how many offers you're competing against.

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Clients ask this loaded question all the time. The answer is often complicated with many variables, but if we start with a few basic questions we can begin to formulate a plan.

Do you need to sell to buy your next place?

Some homeowners need funds from the sale of their current home to cover the down payment and closing costs on their next home. And/or some people need the current home off the "books" to meet loan/debt to income ratios. Other folks do not. Which brings us to the next question...

Are your finances in order?

We need a clear understanding of your financial position to prepare for your next move. Can you carry two mortgages if needed? How much cash do you have on hand? Should we look into a bridge loan? A bridge loan is a type o...

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