D.C. Property Owners are in for a Shock.
The Washington, D.C. Office of Tax and Revenue (OTR) issues annual commercial real estate assessments and this year property owners are in for a shock: increases of 25 percent or more. As such, commercial property owners in D.C. need to move quickly and effectively to appeal these increases.
In addition, the OTR has taken more of a mass appraisal approach this year, as opposed to providing assessments on a property-by-property basis. These assessments were also not based on actual property performance, as it had been done in previous years.
These are some of the key insights highlighted in the following podcast with Jeremy Chitlik, a Senior Manager with SC&H Group. Jeremy spent six years working for OTR, and served as the Supervisor of Major Commercial Properties from 2008-2011.
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