(Washington, DC) - The District of Columbia Office of Tax and Revenue (OTR) announced that notices will be mailed today to property owners subject to the vault rent on the new vault rental reduction. A vault is typically an underground storage area, such as a parking garage, that extends underneath the roadway. The rent is due June 30 every year.

In July, the Council of the District of Columbia retroactively reduced the utilization factors used to calculate the 2009 and subsequent year vault rental fees by one third. 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.

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 October 1.

The vault rent is used in part to fund the Department of Transportation Highway Trust Fund.

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