D.C. Building Owners Face Property “Sticker Shock,” SC&H Group Commentary
May 14, 2014
According to a recent Washington Business Journal article, D.C. commercial real estate owners are pressing the District government to justify and explain a sweeping change in how it assesses large office buildings.
Starting Jan. 1, 2015, large office building owners will be taxed based on this new method that puts more of an emphasis on pooled market value, which will lead to significantly higher real estate taxes moving forward.
“The issue is one that involves businesses, including nonprofits already operating on a tight margin, as much as it does large real estate owners,” said Ross Litkenhous, a Principal with SC&H Group, who was quoted in the article.
Ross also pointed out in the article that SC&H Group has seen a significant increase in inquiries from impacted groups since the District unveiled the 2015 figures and that “appeals have been coming from every corner of D.C.”
In March, Ross was also quoted in the first Washington Business Journal article in this series about how D.C. commercial property owners are facing “sticker shock” over this new assessment method.
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