2010 Property Assessments: Residential Values Down 3.67 Percent
D.C. home values dropped by an average of 3.67 percent in the D.C. government's fiscal 2010 assessments, officials announced today. The average value of commercial properties increased by 1.38 percent due to new construction.
The biggest drops in assessments for residential properties in the city occurred in Michigan Park, Crestwood, Petworth, Woodridge and Riggs Park, respectively. Values plummeted in Michigan Park by 15.57 percent while Crestwood, Mayor Fenty's neighborhood, saw a 13.36 percent drop.
Only eight neighborhoods rose in value with Bolling Air Force Base seeing a huge increase of 10.19 percent. However, the other neighborhoods managed only a .43 percent to 1.82 percent increase. They are Forest Hills, Burleith, Central, Palisades, Foggy Bottom, Kent and Berkley.
Bolling's jump in value might be attributed to new construction that the city did not include in past data, said Richie McKeithen, head of D.C.'s real property tax administration.
Here are the residential assessment summaries by neighborhood.
And here are the neighborhood summaries for commercial properties.
By Nikita Stewart
David A Nakamura
February 26, 2009; 3:49 PM ET
Categories: City Finances
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