Reporting Steve Tawa
By Steve Tawa
PHILADELPHIA (CBS) — Philadelphia City Council today gets a chance to grill the Office of Property Assessment, which compiled the numbers behind the new assessments going out that have generated a lot of anxiety in the neighborhoods.
The budget season opened Monday (see related story) at City Hall with a look at the city’s “Five-Year Plan.”
Mayor Nutter’s Chief of Staff Everett Gillison told council members growth was projected for the upcoming fiscal year in all major taxes — wage, sales, business and realty transfer taxes – except property taxes.
The budget assumes that under the Actual Value Initiative, or AVI, the same amount of current year property tax revenue will be collected in fiscal year 2014.
But in subsequent years, City Finance Director Rob Dubow says the new property assessments will bring in more city revenue.
“The plan assumes there will be increases in values going forward, and that we would capture those values in increased revenue.”
The Nutter administration proposes homestead relief of $15,000 of assessed value per property, and $30-million of additional relief measures aimed at severely impacted property owners.