Does DC assess properties based on market value or on sale price? California's prop 13 limits the property tax increases and allows the basis to be transferred to a child. Does DC have something similar?
A family member wants to gift/sell a rental property to their child that they have owned for a long time. Will the property be reassessed upon transfer? If so, are there any ways to transfer the deed without such a reassessment?
Market value, and they are reassessed every 3 years I believe.
I took over a property from a family member in the early 2000's and I don't recall it triggering a reassessment of the property value.