D.C. Council property tax legislation could shield residents
WASHINGTON (AP) - The D.C. Council will consider two bills intended to shield residents from skyrocketing property taxes.
One bill scheduled for a vote Tuesday would prevent taxes on homes from increasing more than 5 percent per year. It would also abolish the requirement that city homes be assessed at a minimum of 40 percent of their value.
Another bill would eliminate property taxes for people who are at least 75 years old, have lived in the city for 25 years or more and earn less than $60,000 annually.
Both bills appear to have enough support to pass. But the D.C. Fiscal Policy Institute has urged the council to vote against them. The group says the 5 percent cap would largely benefit owners of homes worth $550,000 or more.