Effect Oct 1 : “Mansion Tax” would generate tax revenue from a small group of D.C. property owners
Georgetown, Kalorama, and Massachusetts Avenue Heights are Most Affected
The new DC Mansion Tax, effective October 1, 2024, targets properties assessed at over $2.5 million. This tax increase applies to a small segment of homeowners in the District, especially in upscale neighborhoods like Georgetown and Kalorama, where many properties exceed this threshold.
Key Details:
What is it?
An increase in property taxes for homes assessed above $2.5 million.
Tax increase amount:
An additional $0.15 per $100 of assessed value above $2.5 million.
Examples:
Assessed Value 2024 Annual Tax 2025 Annual Tax
$3 million $25,500 $26,250
$4 million $34,000 $36,250
$5 million $42,500 $46,250
“Georgetown is home to the most properties assessed above $2.5 million, at 515 properties, or 20 percent of its total properties,” the post stated “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.”