On Friday, the much anticipated results of Mayor Nutter’s Actual Value Initiative (AVI) were released, finally giving Philadelphians a more concrete idea of what to expect with their property taxes. Many of the hikes and cuts were accurately predicated and, as such, come as no surprise. But others may be downright baffling to some residents, in both good and bad ways.
According to an article published in the Philadelphia Inquirer, about “60 percent”will see their taxes increase based upon the expected 1.25 percent tax rate. If City Council establishes the Homestead Exemption or other relief programs, “80 percent” of Philadelphians could see their taxes increase.
Among the so-called “biggest winners” of AVI is Chestnut Hill. It’s among the neighborhoods who may, surprisingly, see their taxes decrease.
In 2013, the median market value of property in Chestnut Hill is $138,700. In 2014, it is expected to jump to $337,100. The median tax bill in 2013 is around $4,302 and will drop to $4,190 in 2014. That 3 percent decrease is something that was unforeseen by many.
Another surprise may come to residents of West Mount Airy. The median market value will increase sharply from $87,100 in 2013 to $247,600 in 2014, and the median tax bill will increase about 14 percent, from $2,689 to $3,068. The same goes with East Mount Airy: the median market value will rise from $63,300 to $168,000, and the taxes are expected to increase 8 percent, from $1,939 to $2,099. Again, the numbers are still speculative, but at least they grant residents an idea of what to expect.
To find out more specific information concerning your property value and taxes, use the AVI calculator. You simply type in your address, hit search, and then adjust the tax rate on the right-hand side to 1.25 percent.