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REAL ESTATE
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The following is a summary of information obtained from the online tax assessment
records of the DC Chief Financial Officer. Information is given here about Burleith, Hillandale, and Cloisters (both
east and west). Georgetown is too large and diverse to be adequately summarized
here.
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BURLEITH
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In total, there are 531 properties, with an average assessment of $376,799.
The lowest assessments are 1812 35th Street ($234,070) and 1912 35th Street
($278,810). The highest assessments are 1710 35th Street ($625,110) and 1914
35th Street ($926,510). The biggest government parcels are related to the Duke
Ellington School of the Arts. The school property at 1680 35th Street is
assessed at $8,240,750; the field, at 1600 38th Street, is assessed at
$5,605,080. Total valuation of private property in Burleith comes out to be
$200,080,018.
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Based on homestead exemption claims, Burleith is 55% owner-occupied. For the
237 absentee owners, the average assessment is $364,006, for the 59 senior
citizen homestead exemptions, the average assessment is $388,839, and for the
235 "regular" homestead exemptions, the average assessment is $386,677. The
total Burleith tax burden is $1,842,082
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HILLANDALE
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Hillandale has 296 total properties, with an average assessed value of
$783,548. The lowest assessments are 4018 Chancery Court ($612,730) and 4050
Chancery Court ($614,770). The highest assessments are 4009 Highwood Court
($1,506,510), 4021 Highwood Court ($1,547,110), and Unit B on Mansion Drive
($1,829,300). The total assessed value of Hillandale comes to $215,475,624.
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Based on homestead exemption claims, 71% are owner-occupied. For the 81
absentee owners, the average assessment is $705,287; for the 6 senior citizen
homestead exemptions, the average assessment is $722,827, and for the 188
"regular" owner-occupied properties, the average assessment is $819,204. The
total tax burden for Hillandale is $2,012,694.
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CLOISTERS
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These figures include both Cloisters of Georgetown and Cloisters
West.
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Cloisters has 138 total properties, with an average assessed value of
$756,951. The lowest assessments are 3612 Winfield Lane ($556,400) and 3544
Winfield Lane ($612,770). The highest assessments are 1658 35th Street
($919,530) and 3533 Winfield Lane ($946,276). The assessment for the Georgetown
Visitation Preparatory School is $52,839,000 (unchanged in 2002). The total
assessed value of Cloisters is $104,615,921, excluding Visitation (which is not
part of Cloisters)
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Based on homestead exemption claims, 77% are owner-occupied. There are 32
absentee owners, 7 senior citizen homestead exemptions, and 105 "regular"
owner-occupied properties. The total tax burden for Cloisters is $972,057.
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TAX RATES
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Currently (FY 2001–2002), there are two tax rate classes: Class 1 is
residential property (4 units or less), class 2 is commercial. Note that
all residential property is taxed at the same rate, whether
owner-occupied or not.
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Class 1 rate = 0.96 per $100 assessed valuation.
Class 2 rate = 1.85 per
$100 assessed valuation.
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These tax rates represent a considserable decrease in tax burden for absentee
landlords stemming from the "Tax Parity Act of 1999" or the "Service Improvement
and Fiscal Year 2000 Budget Support Act of 1999," DC Law 13-38 (formerly Bill
13-161). This act was co-sponsored by Councilmembers Jack Evans and David
Catania; its primary effects were to simplify the property tax structure and to
reduce the income tax rate on the highest level of income.
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The Class 1 (resident) rate has been constant at 0.96/$100 assessed valuation
since at least 1995. Prior to 2002, absentee property had been classified "Class
2". In FY 1998–1999 and before, the rate was 1.54/$100 assessed valuation; in FY
1999–2000 the rate was 1.34/$100; in FY 2000–2001 the rate was 1.15/$100; and in
FY 2001–2002 the rate structure changed so the absentee rate was equal to the
owner-occupant rate of 0.96/$100.
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The homestead deduction reduces the assessed valuation for tax purposes by
$30,000. Under the present (equal-rate) system, it saves each owner-occupant
exactly 300 x .96 = $288 per year.
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