Page:United States Statutes at Large Volume 88 Part 1.djvu/1097

 88 STAT. ]

PUBLIC LAW 93-407-SEPT. 3, 1974

1053

for 1975 determined according to provisions of law in effect prior to the effective date of this Act. SEC. 414. At the time the Commissioner submits to the Council the ^ c - code 47proposed real property tax rate under section 413, he shall also submit the following: (1) The total aggregate assessed value of real property exempt from the real property tax levied in the District for the current fiscal year by major class or type of exempt status and the tax that would have been paid during such fiscal year had such property not been exempt. (2) The estimated total aggregate assessed value of real property exempt from the real property tax levied in the District by major class or type of exempt status and the tax that would be paid during the fiscal year under the real property tax rate proposed by the Commissioner pursuant to section 413. SEC. 415. I n establishing a real property tax rate the Council shall 635. ^°'^'' •*•'" ^^^•*^make a comparison of tax rates and burdens applicable to residential and nonresidential property in the District with those such rates applicable to such property in jurisdictions in the vicinity of the District. The comparison shall include other major taxes in addition to the tax on real property. Without in any way limiting the authority of the Council, it is the intention of (congress that tax burdens in the District be reasonably comparable to those in the surrounding jurisdictions of the Washington metropolitan area. D SEC. 416. The Commissioner shall, by June 30 of each year, compile 636.. C. Code 4 7 and publish information regarding the relative amount of tax for all major taxes in the District compared with those in surrounding jurisdictions in the Washington metropolitan area and with those in other cities. The information shall include the rate of the property tax levied on residential and nonresidential property, and the effect of major taxes levied on families of different income levels and on businesses. SUBPART B

ASSESSMENT AND

ADMINISTRATION

SEC. 421. (a) The assessed value of all real property shall be listed, °'^" *^°'^'' '^'^' on the assessment roll for real property taxation purposes annually as provided in this part. The assessed value for all real property shall be the estimated market value of such property as of January 1 of the year preceding the tax year, as determined by the Commissioner. I n determining estimated market value for various kinds of real property the Commissioner shall take into account any factor which might have a bearing on the market value of the real property including, but not limited to, sales information on similar types of real property, mortgage, or other financial considerations, reproduction cost less accrued depreciation because of age, condition, and other factors, income earning potential (if any), zoning, and government-imposed restrictions. Assessments shall be based upon the sources of information available to the Commissioner which may include actual view. (b) All real property shall be assessed no less frequently than once every two years, and as soon as practicable such assessment shall be made annually. The Council may authorize and direct assessments to be made annually for some or all classes of real property, except that for fiscal year 1978, and for each fiscal year thereafter, all real property shall be assessed on an annual basis. (c) The Council may adopt regulations concerning the assessment Regulations. and reassessment of real property and matters relating thereto which shall be consistent with the provisions of this title and other applicable provisions of law.

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