Today, June 12, the DC Council approved a $21 billion budget, including a new tax on homes over $2.5 million.

This imposes a $1 charge for every $100 of assessed property value over the $2.5 million threshold. Currently, occupied residential properties in DC are taxed at a rate of $0.85 per $100 of assessed value.

The DC Policy Center recently released a chart highlighting neighborhoods with the most homes affected by the new tax.

“Georgetown leads with the most properties assessed above $2.5 million, totaling 515 properties, or 20 percent of its total properties,” the report noted. “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 this category.

Over half of the projected increase in tax revenue will come from three neighborhoods: Georgetown, Kalorama, and Massachusetts Avenue Heights.”

Other impacted neighborhoods include Spring Valley, Kent, Palisades, and Chevy Chase.

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