D.C. Amends Code for Faster Tax Reclassification of Converting Properties

The District of Columbia Mayor signs law that temporarily amends section 47-813 of the District of Columbia Official Code, to provide more timely classification changes for commercial properties being converted to residential use. The law includes: 1) establishing an application process for such changes; 2) providing appeal rights for denied applications; and 3) creating a claw back provision if properties are not converted to residential use within specified timeframes. The law affects how property tax rates are applied during the conversion process, allowing qualifying properties to be taxed at the lower Class 1A Property rate earlier in the development cycle. ...