Actual Value Initiative
It is the second major relief program to result from the new property assessments that were mailed out earlier this year, for tax bills that are due early next year.
The initial reviews of about 25,000 property assessments won’t be completed before the deadline to file a formal appeal, so the city is urging property owners to proceed without waiting.
After months of debate, Council president Darrell Clarke says he’s proud of the final version of the Actual Value Initiative that Council has approved.
The Pew analysis of the new assessments finds that the percentage of property taxes borne by individual homeowners compared to other owners will go from about 54 percent under the old system to about 60 percent under AVI.
The discussion, titled “Philadelphia Taxes — Past, Present and Future.” was organized by the Pew Charitable Trusts and Temple University’s Center on Regional Politics.
Councilman at-large David Oh says questions abound over the accuracy of the new assessments, and he says the methodology released last week did not clear up how the new property values were calculated.
BRT executive director Carla Pagan says the time required will be determined by the number of formal appeals filed, which she estimates could range between 10,000 and 50,000, or more.
Clarena Tolson, the longtime Philadelphia streets commissioner, is now the revenue commissioner.
A package of bills designed to reduce the sticker shock associated with the overhaul of Philadelphia’s property tax structure has cleared a state House committee.
Under current regulations, homeowners would have to pay the new — and possibly higher — bill and then get reimbursed if they win the appeal.
City Council members say their own analysis of new property assessments points to the great need for relief measures for those hit hardest by rising property values.
Larry Freedman says when he moved into his mixed unit building in 1986, it wasn’t much more than a shell. Now, he’s facing a tax assessment that could double his property tax bill.
Officials had expected about 30,000 requests of first level reviews. The Nutter Administration’s spin on the lower tally: many people are on board with their new value.
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 chambers of Philadelphia City Council were packed to the rafters with angry union members as mayor Michael Nutter prepared to unveil his new budget.