We’ve spilled quite a bit of digital ink discussing the Actual Value Initiative (AVI), the Office of Property Assessment’s (OPA) effort to reassess the properties in Philadelphia fairly and accurately. And while it’s clear that OPA did a rather imperfect job in their first effort to reassess Philadelphia’s 560K+ properties, we’re going to be stuck with these new assessments whether we like it or not. Back in June, City Council approved a new property tax rate of 1.34%. True, this rate is not nearly as destructive as the 1.8% number that was thrown around in 2012, but it’s still a very high number that will cause a hardship for many homeowners.
Graduate Hospital will see big tax increases
The Greater Philadelphia Association of REALTORS (GPAR) has hatched a plan to try to get that property tax rate down to…
At a press conference yesterday, members of the Crosstown Coalition of Taxpayers, representing twenty-one civic groups from all over town, held a press conference at City Hall denouncing the Office of Property Assessment‘s performance in assessing Philadelphia’s 579,000 properties.
Like the Controller’s office, the CCoT recently embarked on a thorough examination of OPA’s data, and reached several disturbing conclusions:
- OPA claims that the coefficient of dispersion (essentially a number that accounts for margin of error) for AVI is 13.9% and within the industry standard of 15%. The CCoT found this margin of error to be several factors higher.
- The most expensive homes are generally underassessed, and the least expensive homes are generally overassessed
- Land that abated properties sit upon is generally underassessed, with land under Center City condo buildings woefully underassessed…