cooldcre: November 2011

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Washington DC Homestead Deduction

Washington DC Homestead Deduction 

Washington DC Homestead Deduction

The Washington DC Homestead Deduction benefit reduces a homeowner's real property assessed value by $67,500 prior to computing the yearly tax liability and it is limited to residential property only.

To qualify, you must:

  • Have an application on file with the DC OTR (Office of Tax and Revenue);
  • The property must be occupied by the owner/applicant and contain no more than five dwelling units (including the unit occupied by the owner); and
  • The property must be the principal residence (domicile) of the owner/applicant.

If a properly completed and approved application is filed from October 1 to March 31, the property will receive the DC Homestead Deduction benefit for the entire tax year (and for all tax years in the future). If a properly completed and approved application is filed from April 1 to September 30, the property will receive one-half of the benefit reflected on the second-half tax bill (and full deductions for all tax years in the future).

 

DC Co-Op Homestead Deduction

To qualify for the DC Homestead Deduction in the case of a cooperative housing association, the unit must be occupied by the shareholder (or member) as his/her principal residence (domicile), and the benefit is granted to the cooperative (which will supply and collect the applications).

 

DC Property Transferred to a Trust

In the case of property transferred to a trust, the property may qualify for the Homestead benefit if:

  • The property was eligible for the Homestead benefit before the transfer;
  • The property is transferred to a revocable trust;
  • The transfer is not for money (or other consideration); and
  • The property remains the principal place of residence of the applicant/transferor/trustor before and after the transfer.

Read more about the Washington DC Homestead Deduction

 

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Comment balloon 0 commentsThe Isaacs Team llc • November 11 2011 01:38PM
Washington DC Homestead Deduction
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Washington DC Homestead Deduction The Washington DC Homestead Deductio n benefit reduces a homeowner's real property assessed value by $67, 500 prior to computing the yearly tax liability and it is limited to residential property only… more
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