On July 17, 2024, a D.C. Policy Center article was cited in The Georgetowner:
The D.C. Policy Center wrote: “The so-called ‘mansion tax’ would separate class 1 properties into classes 1a and 1b. Properties assessed above $2.5 million would be deemed class 1b and would be subject to a $1.00 tax per every $100 of assessed value above $2.5 million, compared to the current $0.85. The tax increase would generate an additional $5.7 million in revenue for fiscal year 2025 and $23.7 over the course of the financial plan.”
The center added: “Georgetown is home to the most properties assessed above $2.5 million, at 515 properties, or 20 percent of its total properties. Of all neighborhoods in the District, Massachusetts Avenue Heights has the highest percentage of properties assessed above $2.5 million, with 50.7 percent of all properties in the neighborhood falling into that category. Over 50 percent of the estimated increase in tax revenue will come from three neighborhoods: Georgetown, Kalorama and Massachusetts Avenue Heights.”
Read More: News Bytes: Mansion Tax, GU President Suffers Stroke
Additional reading: Chart of the week: Proposed “mansion tax” would generate tax revenue from small group of D.C. property owners