Bill > B26-0777

This bill, the Revenue Stabilization and Land Value Assessment Amendment Act of 2026, aims to modernize how real property taxes are collected and assessed in the District of Columbia. Starting with the tax year beginning July 1, 2028, property taxes will be due in four equal quarterly installments instead of annually, unless a property owner enters into a specific payment plan. Crucially, the bill mandates that when assessing the value of land for tax purposes, it will be valued as if it were vacant and ready for its most profitable use, regardless of any existing buildings or structures on the property, ensuring that similarly located and zoned parcels are assessed consistently for their land value. Furthermore, the Mayor is required to conduct and publicize studies comparing actual sales prices to assessed values, including a separate analysis of land values, to ensure accuracy and fairness in the assessment process.