By Pat Loeb

PHILADELPHIA (CBS) — Philadelphia Mayor Jim Kenney says he doesn’t need a six percent property tax increase after all, but he’s still asking for a four percent increase to fund schools. The mayor revised his request when new property assessment figures came in.

The Office of Property Assessments reported an 11 percent increase in the overall value of Philadelphia real estate, and finance director Rob Dubow says that means the administration can reduce its proposed rate increase.

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“Our goal was always to provide sufficient funding for the district to get financial stability and we always said that we weren’t tied to a specific rate, we were tied to a funding package that worked for the district,” he said.

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Dubow says a four percent increase will generate the $966 million the district needs. And, to minimize the impact, the mayor’s proposing increasing the homestead exemption.

With that, taxes on homes worth less than $400,000 would actually go down.

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The slow down in wage tax relief stays the same, but the mayor proposes a slightly lower increase in the transfer tax than he originally asked for.