We are pleased to advise that, working in concert with our friends in the parking industry, AOBA secured passage of legislation by the D.C. Council which retroactively reduces the vault rental charge formula by a full one-third, effective immediately.

Therefore property owners will see substantial reductions in the vault rent, beginning with the 2009 vault rental bill that was due on June 30, 2008.

The District of Columbia Office of Tax and Revenue (OTR) has just announced that notices will be mailed to property owners subject to the vault rent on the new vault rental reduction. If a property owner paid in full the 2009 vault bill, OTR will mail a refund of the overpayment by September 30 without any action on the property owner’s part. If the payment was not made, a new bill reflecting the revised amount will be mailed to the property owner. Interest charges can be avoided if the revised bill is paid before Oct. 1.

AOBA commends the Council of the District of Columbia, particularly Councilmember Jack Evans (D-Ward 2), for this important initiative.

For additional questions, please call OTR’s Assessment Services Division at (202) 442-6666.