Councilman’s Plan Would Help Homeowners Hardest Hit By Property Tax Overhaul
By Mike Dunn
PHILADELPHIA (CBS) — The City of Philadelphia’s looming property tax overhaul (see related story) continues to dominate discussion at City Hall, with one lawmaker today offering an idea to help homeowners who are hit the hardest by the change.
Second District councilman Kenyatta Johnson says his district is among those that will be hardest hit by the move to the so-called Actual Value Initiative (“AVI”), so he is proposing that any residential property owner whose tax ends up rising by more than 2½ times can defer the amount over that threshold until they sell the property.
“Some parts of my district, we will see real estate taxes increasing by 400, 500, 600, and even 1,000 percent,” he said today. “And so we’re not saying individuals shouldn’t have to pay their fair share. But they also shouldn’t be penalized as it relates to a system that has been broken, that we decided to fix.”
Johnson’s proposal will be folded in to the larger debate over the new assessments and what form of relief measures should be offered as buffers to those who get socked.