Philadelphia Reassesses Taxes For Its Biggest Property Owners
PHILADELPHIA (CBS) -- Recent reforms in Philadelphia's property tax assessment system have finally caught up with commercial properties, and tax bills going out this month will reflect the new assessments and most will be higher.
The city has been working for several years on AVI-- its program to line up assessments with the actual value of properties, and keep them up to date, so that neighbors with similar houses aren't paying widely disparate tax bills.
With residential assessments done, Office of Property Assessment director Mike Piper says the city moved on to 65,000 commercial properties.
"Some of Philadelphia's most complex and high value parcels, including hotels, office buildings, apartment buildings, retail centers," said Piper.
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Piper says overall values have increased 40 percent, or $11 billion dollars, which should mean an extra $118 million in tax revenue, to be split between the city and school district. Finance director Rob Dubow says he recommends putting the city share in reserve.
"As a contingency against what may or may not happen with the federal budget," said Dubow.
At the five year plan hearing, council members rightly expressed a lot of concern about that threat to our programs and our fund balance.
