Tuesday, August 7, 2012 10:05:07 PM

LOCAL NEWS ALERT

D.C. settlement surge shrinks developers' bills

District officials have knocked $2.6 billion off the taxable value of commercial properties owned by some of the city's most influential developers through a series of settlements negotiated this year by the Office of Tax and Revenue, The Washington Post found.

The settlements — which in most cases went against the earlier recommendations of staff appraisers — reduced the 2012 assessments of more than 500 commercial properties. Some owners saw the value of their multimillion-dollar properties lowered by 40 percent or more, which shaved tens or even hundreds of thousands of dollars off their tax bills.

Read more at:
http://www.washingtonpost.com/investigations/surge-in-dc-tax-office-settlements-reduces-commercial-property-owners-bills/2012/08/07/5af75372-d1c4-11e1-8bea-6dc0b4879aab_story.html

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