increase in DC property real estate assessments: LeDroit Park (15.42 percent), Eckington (14.52 percent)

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Mar 4, 2014, 10:46am EST

Where property assessments are rising fastest: Follow the gentrification

Michael Neibauer

Staff Reporter- Washington Business Journal

                                                                          

Call it gentrification. Call it revitalization. Call it whatever you want. The D.C. neighborhoods that are in the throes of it are seeing real estate assessments soar. The District’s tax office recently released proposed 2015 assessments for taxable property. It’s all-around good news for D.C.’s bottom line, as the residential tax base increased by $7.5 billion year over year, or 8.33 percent, and the commercial base rose by $10.1 billion, or 12.6 percent.

The tax revenue to come as a result of this “significant rebound in property values,” Chief Financial Officer Jeffrey DeWitt said in his February revenue estimate, is “significantly higher” than previous estimates.

Of the District’s 73 neighborhoods, as classified by the Office of Tax Revenue, 13 saw their residential tax base rise by double digits between 2014 and 2015.

And of those 13, most have either recently gentrified, or are in the process of gentrifying — Trinidad (24.08 percent), Petworth (18.27 percent), Brookland (16.69 percent), Columbia Heights (15.64 percent), Chillum (15.29 percent), LeDroit Park (15.42 percent), Eckington (14.52 percent), Woodridge (13.35 percent), Shepherd Park (12.34 percent), Fort Lincoln (12.03 percent), Brightwood (11.96 percent), Mount Pleasant (11.80 percent) and Old City I (10.27 percent).

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