Update on the 2014 Philadelphia Property Tax Reassessment

Steven E. Potsic, CMI, Vice President at Equity Property Tax Group, see http://www.faegrebd.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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