WASHINGTON – Commercial property owners are seeing smaller bills in the District, and the FBI has launched an investigation.
The D.C. Office of Tax and Revenue has reached a series of settlements, shaving $2.6 billion off the taxable value of commercial properties owned by some of the city’s most influential developers, The Washington Post reports.
The District has reduced the 2012 assessments of more than 500 commercial properties, some seeing values lowered by more than 40 percent.
Tax supervisors agreed to the settlements before the the appeals process played out, the Post says.
The cuts, at a time when the city is cash-strapped, cost D.C. $48 million in potential revenue this year.