Commercial property owners across Washington, D.C. can now view their tax year 2025 assessments online via MyTaxDC. Despite the continued economic uncertainty within the commercial real estate market, it appears values do not adequately reflect recent sales or higher expense ratios and vacancy rates. Office property owners are generally seeing a small range in assessment decreases from ~3–5% across Class A property and ~10–20% across Class B property despite recent sales reflecting arm’s-length prices at 50% or less of the city’s assessments. The experts at Ryan have identified assessments increasing approximately 3–6% across the multifamily industry and 1–3% for hospitality. Our team will continue to analyze the data and how it will impact properties across the District.
With the approaching appeal deadline of April 1, it is crucial for property owners to seek guidance from tax experts who can assist in navigating the appeal process. By doing so, you can ensure your property is not overvalued as well as potentially save on your tax obligations.
We are committed to providing you with the guidance and support needed throughout the entire appeal process. Do not procrastinate. Safeguard the value and financial health of your property by reaching out to Ryan’s experts today.
TECHNICAL INFORMATION CONTACTS:
Grant Steinhauser
Principal
Ryan
202.470.3105
grant.steinhauser@ryan.com
Shawn Eskow
Principal
Ryan
571.481.9427
shawn.eskow@ryan.com
Cutchin Powell
Principal
Ryan
202.470.3094
cutchin.powell@ryan.com
Michael Allen
Principal
Ryan
954.740.6240
michael.allen@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.