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On February 28th, commercial property assessments for Washington, DC were officially released.  For the most part, owners are seeing an increase this year, though not at the “sticker shock” levels of last year.  While some owners hoped that their values would have decreased, this is not the case as commercial real estate sales are still occurring at record prices.

For property owners who want to appeal, the deadline is April 1, 2015.  It is recommended that owners do their homework, utilize the right expertise and develop a comprehensive strategy for seeking a reduction.

These are some key insights from the following podcast interview with Jeremy Chitlik, a Senior Manager at Altus Group’s State & Local Tax and Advisory. Jeremy spent 6 years at the Office of Tax and Revenue (OTR).  During his final 2 years, he was the Supervisor of Major Commercial Properties, overseeing all large commercial assessments in DC.

 

UPDATE: November 2015

When the latest Washington DC commercial property assessments were released back in February, we did not see the major increases (i.e., the “sticker shock”) that occurred in 2014.

Much of this can be attributed to capitalization rates remaining relatively unchanged with the exception of the trophy properties, which had rates that were slightly compressed.

In terms of assessments for next year, we will most likely see nominal increases across the board. The likelihood of 20 percent assessment bumps occurring – as it did in 2014 – will be very minimal. However, building owners in DC should be prepared for a 5 percent increase across the board.

In terms of 2015 appeals, it was very much “hit or miss.”  The key for appeals success is to be fully prepared to at the first level with all of the comprehensive information required to help the assessors to make the right changes during this phase.

These are some key insights from the following podcast interview with Jeremy Chitlik, a Senior Manager at Altus Group’s State & Local Tax and Advisory. Jeremy spent 6 years at the Office of Tax and Revenue (OTR).  During his final 2 years, he was the Supervisor of Major Commercial Properties, overseeing all large commercial assessments in DC.

 

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