Jun 17, 2024 - Real Estate

Map: Neighborhoods most affected by D.C.'s "mansion tax"

Cuneyt Dil

A map of D.C. showing most of the city's properties over $2.5M concentrated in Northwest — Most $2.5M+ houses are concentrated in Northwest, with Georgetown (dark blue) having the most. Map courtesy of D.C. Policy Center, by Meredith Gavin

Georgetown will pay the most under D.C.'s new "mansion tax," which increases the property tax rate on homes above $2.5 million.

The big picture: Revenue from the new tax, which got final approval from the D.C. Council last week, will essentially "be driven by a small subset of neighborhoods, primarily in the Northwest," the D.C. Policy Center wrote.

By the numbers: The increase will give the District $5.7 million in additional revenue in fiscal year 2025, according to the D.C. Policy Center.

While that's a drop in the bucket in a $21 billion budget, it still helps when other revenues are declining.

How it works: The tax rate would increase from $0.85 to $1 per $100 of assessed value over $2.5 million. (The rate would still be $0.85 for the first $2.5 million of the assessment.)

Zoom out: Georgetown has 515 properties that fit that bill, more than any other neighborhood.

Kalorama — with the likes of Jeff Bezos — has 245 homes.
Berkley has 179 homes, while Cleveland Park and Spring Valley are tied with 174 properties.

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Map: Neighborhoods most affected by D.C.'s "mansion tax"

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