By Jenn Bernstein

PHILADELPHIA (CBS) — Sixty-seven-year-old Charles Sherd has lived in his home on Cantrell Street in South Philadelphia for more than 35 years.

He was surprised when he opened a letter from the city.

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“That assessment that came in the mail the other day, it’s just like a slap in the face,” says Sherd.

For years, his home has been consistently valued at $12,000, but after a city-wide reassessment, it’s now valued at $116,700.

He’s worried about his property taxes in 2014.

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“It is a lot for a person to do in one year, I can’t afford this,” Sherd says.

And he’s not alone.

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Many Philadelphia residents who reside in or near up-and-coming hot spots are seeing their assessed values skyrocket after this re-evaluation.

Others are glad to find their assessment has gone down.

It’s called Actual Value Initiative, or AVI.