Jackson & Campbell P.C. Update
	December 1, 2005
	Dear Real Estate Professional: DC: New real property tax rates: Effective October 1, 2005 Class 1: $.92 per $100 of assessed value Class 2: $1.85/$100 Class 3: $5.00/$100 For properties that did not receive the owner-occupant credit last year, the assessed value of the property for 2006 will be last year's assessed value LESS $60,000 (applicable to 2006 only) times 100%. For properties that DID receive the owner-occupied credit in prior year, use $22,000 instead of $60,000.00. There is no credit if there was a transfer for consideration during the prior year. DC: Homestead Deduction Increase: For FY2005, 47-850(a) has been amended to increase the deduction to $60,000.00 and has been clarified to apply to the "assessed value" and no longer the "estimated market value". DC: Recorder of Deeds announces that it will enforce requirements of amendment to the Mechanics Lien Statute. Click here to view ROD Notice DC (Tenant Opportunity to Purchase): As reported earlier, the DC Land Title Association ("DCLTA") had written to DC Consumer and Regulatory Affairs in August lamenting over the absence of forms, regulations, a required task force, and hearing processes mandated by the Rental Housing Conversion and Sale Amendment Act which became effective in July. Patrick Canavan, Director of DCRA responded on November 17 indicating that a) the Office of Administrative Hearings (OAH) will not assume these hearings until January 2006), the task force is not yet established and c) progress is anticipated in December of this year. Click here to view Mr. Canavan's letter Click here for an Unofficial "redline" of the TOPA legislation that incorporates the Amendment Act MD: New foreclosure laws afford additional protections. Chapter 509 (SB 761) has a new section 7-105 and 7-301, et. seq. Practioners should review these new, lengthy provisions carefully. There is specific language that has to be printed on foreclosure notices in 14 point boldface type that warns the debtor about "some people .... approaching [the debtor] about 'saving' your home". MD: Exemption from Recordation and State Transfer Tax for transfers between siblings as to the principal amount of debt assumed by the transferree. Section 12-108(c) changed by Chapter 605 (HB 1472). Please feel free to circulate this newsletter to others in the industry, both within and outside your office. The contents of this Update are intended for general informational purposes only and should not be relied upon as legal advice or as a substitute for consultation with a qualified attorney. Moreover, the mailing hereof is not intended to create nor does it constitute an attorney-client relationship. Sincerely, Roy L. Kaufmann of the Real Property and Asset Management Group Jackson & Campbell P.C. email: rkaufmann@jackscamp.com voice: (202) 457-1600 web: http://www.JacksCamp.com

Jackson & Campbell P.C. · 1120 20th Street NW · Washington · DC · 20036