Steven E. Potsic, CMI, Vice President at Equity Property Tax Group, see http://www.faegrebdc.com/steven-potsic, prepared this update.
The City of Philadelphia will be sending out 2014 assessment notices starting on February 14th. This is a reassessment year and a change to the Actual Value Initiative. We expect substantial increases in value. We also expect the tax rate to go down and all values to be at 100%.
The preliminary total taxable market values for all properties in 2014 is at $96.5 billion, which does not currently include 16,605 parcels. The 2013 figure was $38 billion. This is a huge increase in overall value. In the various property types, the following percentage increases occurred:
Residential: 193%
Commercial: 85%
Industrial: 68%
Hotels & Apartments: 125%
Stores with Dwellings: 265%
Vacant Land: 157%
Here is additional information regarding the valuation and potential tax rate: http://www.phila.gov/OPA/Documents/FY14%20Assessments.pdf
And here is a video from Mayor Nutter explaining the new system: http://www.youtube.com/watch?v=lcfGQzxeUqA&list=UUDcbH-w5Jybe8QgLo0HTXvQ&index=2.
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