{"data":{"id":"us-dc/d.c.-code-47-820.01","jurisdiction":"us-dc","citation":"D.C. Code § 47-820.01","heading":"Assessments — Improved residential real property owned by cooperative housing association; reports by association; Mayor to issue rules.","body":"(a)\nExcept as otherwise provided by subsection (b) of this section, the assessed value of improved residential real property owned by a cooperative housing association, for the tax year beginning July 1, 1990, and for each subsequent tax year, shall be:\n(1)\n(A)\nThe aggregate estimated market value of the proprietary leases, stock, or other interests in the cooperative housing association as of January 1 preceding the date of assessment;\n(B)\nIf the Mayor lacks sufficient information upon which to arrive at the aggregate estimated market value of the proprietary leases, stock, or other cooperative interests in the real property, then an amount equal to the estimated market value of the real property assessed as if it were a condominium determined by use of the comparable sales approach, multiplied by 70%; or\n(C)\nIn the case of limited-equity cooperatives, the lesser of the assessed value determined under subparagraph (A) of this paragraph, subparagraph (B) of this paragraph, or the annual amount residents are paying in carrying charges, excluding carrying charge subsidies, divided by an appropriate capitalization rate as determined by the Office of Tax and Revenue; provided, that if a property ceases to be a limited-equity cooperative, it shall be assessed under subparagraph (A) or subparagraph (B) of this paragraph.\n(2)\nMinus the value of all non-real property assets owned by the cooperative housing association; and\n(3)\nMultiplied by 65%.\n\n(b)\nThe assessed value of any improved residential real property owned by a cooperative housing association determined pursuant to subsection (a) of this section may be adjusted to take into account any or all of the following factors, as appropriate and to the extent the factors were not taken into account in determining the assessed value of the real property pursuant to subsection (a) of this section:\n(1)\nSubstantive defects in the property, especially as they affect the common elements, which have not been repaired or which may not be economically correctable;\n(2)\nThe existence of bona fide lifetime or long-term leases to elderly or low income tenants;\n(3)\nAny other unusual factor including, but not limited to, facts showing that the assumed 1-year sell-out period is an unreasonably low estimate; and\n(4)\nSpecial factors related to limited equity cooperatives.\n\n(c)\nThe adjustment required by subsection (a)(3) of this section is based on the following factors common to all sales of improved residential real property owned by cooperative housing associations and uses 1 year as the period of time necessary for the purchaser of the real property to sell out the proprietary leases, stock, or other cooperative interests in the real property:\n(1)\nA discount of the ultimate receipts to present value;\n(2)\nInterest expenses during the 1-year sell-out period;\n(3)\nTaxes during the 1-year sell-out period;\n(4)\nOther operating expenses during the 1-year sell-out period including carrying charges, maintenance, and utilities;\n(5)\nMarketing expenses;\n(6)\nOther costs incurred in connection with acquisition of the real property and the reselling of the proprietary leases, stock, or other cooperative interests in the real property including financing points, project appraisal fees, surveys, and legal costs;\n(7)\nProfit; and\n(8)\nNo further adjustment for any of these factors shall be allowed except as provided in subsection (b)(3) of this section.\n\n(d)\n(1)\nThe Mayor may require a cooperative housing association to make a one-time submission of, and to provide an annual update to report any changes to, the following information in regard to real property owned by the cooperative housing association:\n(A)\nThe type of cooperative;\n(B)\nThe unit mix in the cooperative;\n(C)\nThe number of balconies or terraces;\n(D)\nThe total number of parking spaces, including whether they are interior or exterior;\n(E)\nFor each unit in the cooperative:\n(i)\nThe number of shares or percentage interest attributable to the unit;\n(ii)\nThe floor location;\n(iii)\nThe unit exposure;\n(iv)\nThe square footage, if known;\n(v)\nThe number of rooms, excluding kitchens and bathrooms;\n(vi)\nThe number of bathrooms;\n(vii)\nAny parking space, whether interior or exterior, and whether it is included in the purchase price; and\n(viii)\nThe most recent date on which the shares attributable to the unit transferred;\n(F)\nThe square footage of the common areas, if known;\n(G)\nIn regard to any existing cooperative blanket mortgage:\n(i)\nThe original amount of the blanket mortgage;\n(ii)\nThe interest rate; and\n(iii)\nThe maturity date; and\n(H)\nThe total number of shares or percentage interest purchased and held by the cooperative housing association.\n(2)\nIf the cooperative housing association fails to submit the information within the time and in the form prescribed, there shall be added to the real property tax levied upon the property in question, for the next ensuing tax year, the amount of 10% of the tax, except that when the information is provided after the time prescribed and it is shown that the failure to provide it was due to reasonable cause, no addition shall be made to the tax.\n(3)\nAll information submitted by a cooperative housing association owner to the Mayor pursuant to this subsection shall be accorded the same confidentiality as that applied to District of Columbia income tax returns under § 47-1805.04, and any violation of confidentiality shall be punishable as provided in § 47-1805.04(e).\n\n(e)\nThe Mayor shall, pursuant to subchapter I of Chapter 5 of Title 2, issue proposed rules to implement the provisions of this section. The proposed rules shall be submitted to the Council for approval, in whole or in part, by resolution.","path":["Title 47. Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]","Chapter 8. Real Property Assessment and Tax.","Subchapter II. Authority and Procedure to Establish Real Property Tax Rates."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/47-820.01","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"b466186f9561ff001dbb873f50b12a321b5b1183aaf314b35bea9066648e4321","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-47-820","next":"us-dc/d.c.-code-47-820.02"},"notice":"GroundRules: Original legal text. Not legal advice."}