DC real estate taxes and vacant homes

If you are looking to buy in DC, please be aware of the real estate taxes on vacant properties. The DC government raises the real estate taxes drastically on vacant properties. The reason being, is that they want the owners to either sell them or rent them, therefore minimizing the over vacant properties in the DC and hurting home values. This applies to all residential homes. The DC taxes are usually based on the sales price, minus the Homestead exemption (which is $67,500), times the rate of .88 cents per 100. If you purchase a DC property make sure all parties are aware of this. This is not a deal-killer, as long as you can get in front of it. I am working on one right now, and I notified everyone, including the bank and underwriter, and we resolved it before it caused any delays or problems. Also, please make sure title is ordered right away. That will have the correct taxes and if you see a discrepancy, that can be resolved with plenty of time until settlement. If you would like to see the taxes for a DC home, please click on this link,

https://www.taxpayerservicecenter.com/RP_Search.jsp?search_type=Assessment

All you need to do is enter the address, and it give you a link to the property, and from there you can look up the property details, the tax information, when the taxes were paid, and any outstanding balances.

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