PHILADELPHIA (CBS) — Some 23,000 Philadelphia homeowners will see an increase in their 2017 tax bill, because of a citywide reassessment of land values. That’s the finding of the Pew Philadelphia Research Initiative.
Some residents may be happy to learn whose taxes are going up.READ MORE: People Frantically Alert Neighbors About House Fire In Philadelphia's Kensington Section: 'Get Out, Get Out'
The ten-year tax abatement has been a flashpoint since it was adopted in 2000. Many feel it spurred development, but some long-time taxpayers felt it was unfair — a benefit at their expense to newcomers with high incomes. Those taxpayers might be happy to hear that as a result of the city’s re-weighting land value in property tax bills, the amount of the abatement on nearly 7,000 properties — close to half those in the program — dropped, according to Pew Initiative Director Larry Eichel.READ MORE: North Philadelphia Shooting Leaves Teenage Boy Dead After At Least 20 Shots Fired, Police Say
“It’s interesting to see the impact of this is to reduce somewhat the amount of taxes the city is not collecting as a result of the abatement,” he says.MORE NEWS: Garnet Valley Schools Superintendent Worries New Federal COVID-19 Testing Effort Could Disrupt Supplies
Eichel says other factors are at work in another 16,000 cases where tax bills are expected to rise, giving the city, overall, an additional $13-million in revenue.