Individual Impact Of Nutter’s Proposed Property Tax Overhaul Is Still Unknown
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By Mike Dunn
PHILADELPHIA (CBS) - One day after briefing city council on the overhaul of Philadelphia’s property tax system, Mayor Nutter said the change will not be used to increase total revenues overall. But he readily admits some individual homeowners will end up paying more.
The new reassessments of all Philadelphia properties will be used as the basis for tax bills due in 2014. The changeover, though, will be revenue neutral.
Mayor Nutter says the revenues brought in that year from property taxes will be $1.2 billion, precisely the same revenue goal as the current fiscal year. But that is the total revenue. Individuals in 2014 will see decreases, or increases:
“You’ll know as a property owner whether it’s up down or stayed the same. But it’s impossible to calculate that at the moment, because we don’t have a tax rate.”
And that tax rate will not be set until the 2014 budget is settled on by city council next spring.