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    Take Advantage of DC Property Tax Breaks

    Understanding the eligibility rules is key & the tax savings can be significant. Below we review the most popular and the not so known property tax exemptions and discounts available to homeowners.

    DC Homestead Deduction
    This is the most popular & well known property tax deduction. This benefit reduces your home’s assessed value by $67,500 prior to computing your yearly tax liability. The Homestead benefit applies only to your primary residence.
    For more information click here. 

    Senior Citizen or Disabled Property Owner Tax Relief
    If you are 65 years of age or older, or are disabled, you may file an application immediately for disabled or senior citizen property tax relief. This benefit reduces your property tax by 50 percent. You must own 50 percent or more of the property or cooperative unit and the total federal adjusted gross income of everyone living in the property must be less than $100,000.
    For more information click here. 

    Employer Assisted Housing Program (EAHP) Tax Incentives
    Homebuyers who use the Employer Assisted Housing Program (EAHP) to purchase their home can also apply and qualify to receive an additional property tax credit. This property tax credit is based on a sliding scale. 80% credit for the first year, 60% credit for the second year, 40% credit for the third year and 20% credit for the fourth and fifth years of ownership.
    For more information click here.

    Metropolitan Police Housing Assistance Program
    DC Metropolitan Police Department officers who are first time homeowners may be eligible for a sliding-scale property tax credit on their primary residence. For more information call Housing Counseling Services, Inc. at (202) 667-7006. 

    DC Property Tax Abatement
    Eligible homeowners may receive a five-year property tax abatement. The home must be owner-occupied and  the property must be less than $356,000 in value. Income level restrictions apply.
    For more information click here.

    For more information about these and other opportunities to reduce your property tax liability contact us directly or you may call or visit the DC Office of Tax and Revenue (OTR) Customer Service Center.

     

     

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