Plain English Breakdown
The effective date depends on approval by the Mayor, a 30-day congressional review period, and publication in the D.C. Register.
Revenue Stabilization and Land Value Assessment Amendment Act of 2026
This bill changes D.C. property tax payments to four times a year starting in July 2028 and requires that land values be assessed separately from buildings.
What This Bill Does
- Changes real property tax payment schedules from twice a year to four equal installments for the tax year beginning July 1, 2028, and each year after.
- Requires future assessments to calculate the market value of land as if it were vacant, ensuring similar parcels have consistent values regardless of buildings on them.
- Directs the Mayor to publish studies comparing assessment ratios and sales data for different property types, including a separate check for land valuation accuracy.
Who It Names or Affects
- Property owners in the District of Columbia who pay real estate taxes starting July 1, 2028.
- The Office of Tax and Revenue (formerly OCFO) responsible for tax collection systems.
- The Mayor's office, which must conduct and publish assessment studies.
Terms To Know
- Quarterly
- Happening four times a year; in this bill, it means paying taxes every three months instead of twice a year.
- Land Value Assessment
- Determining the price of just the ground itself as if vacant, without counting the value of any buildings or improvements on top of it.
Limits and Unknowns
- The bill does not change current property tax rates.
- Changes to payment schedules and assessment rules only begin for the tax year starting July 1, 2028.
- The Office of Tax and Revenue has indicated that system upgrades may be needed before quarterly payments can occur.