Actual Value Initiative
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”).
You may have your assessment, but two major questions are still unanswered: what is the rate on which that assessment will be taxed? And, what (if any) relief measures — such as a homestead exemption — will be offered by the city?
If you have questions about the assessment, you can call the Office of Property Assessment at 215-686-9200, or go to phila.gov/opa.
The Nutter Administration is mailing out more than 500,000 assessments to property owners — the first wholesale remaking of property values in Philadelphia in many years.
Katz voiced concern that sticker shock could be in store for young families who bought in to gentrifying neighborhoods. “And if en masse large numbers of them put ‘For Sale’ signs out, it’s going to drive the value of housing down,” Katz said.
Also looming is the continued financial woes of the school district, and the debate over the planned closure of 37 school buildings.
Several pieces of legislation were passed in the last session to enable Mayor Nutter’s property tax overhaul known as “AVI,” for Actual Value Initiative. Now, lawmakers plan to introduce more legislation to enhance the changeover process.
Last week the mayor gave out just the first assessment figure: $96.5 billion, the new total value of all properties in the City of Philadelphia.
Sources tell KYW Newsradio that at the meeting, the total value of all city properties was put at just under $100-billion.
Mayor Nutter and City Council intend to implement a new and controversial property assessment system next year, but making it happen isn’t enough, according to a study from the Pew Charitable Trusts.
Despite misgivings voiced by some state lawmakers, the state House has approved the Actual Value Initiative legislation and Governor Tom Corbett is expected to sign it.
Governor Corbett is expected to sign legislation headed to his desk that would authorize a key element of Mayor Nutter’s property tax reform initiative.
The new assessment system dubbed the Actual Value Initiative (“AVI”) will result in higher assessments, and that means the mayor and City Council will have to lower the millage rate significantly.
A new study released by the Pew Charitable Trusts finds that Philadelphia is becoming more competitive in terms of local taxes when compared to the suburbs.
“We found that constitutionally we can have a two-tiered tax system, so we believe that the more you owe, the higher the penalties should be,” Darrell Clarke said.
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