In the District of Columbia, land, buildings, and all attached fixtures constitute immovable assets. This includes everything from residential homes and commercial office spaces to undeveloped tracts of land and the associated rights of ownership. For instance, a condominium in downtown Washington, D.C., including the unit itself, a designated parking space, and any storage unit, exemplifies such an asset.
Ownership of these fixed assets plays a critical role in the Districts economy and social fabric. These holdings represent significant investments for individuals and businesses, contribute substantially to the city’s tax base, and provide the physical spaces where residents live, work, and interact. Historically, land ownership within the District has mirrored national trends, transitioning from agricultural use to predominantly urban development, reflecting the city’s evolution as a center of government and commerce.
