Atlantis Alumni

Thursday, February 14, 2013

Nutter's AVI Initiative Unfair!

Philly Mayor Nutter's plan to make real estate taxes more fair through actual value assessments will penalize residents vs. commercial/industrial interests and cause massive increases to some in gentrified neighborhoods. From today's Inquirer:

Most of the average increases are fairly modest in dollar amounts, though zip codes that cover Fairmount, Graduate Hospital, Queen Village, and South Philadelphia east of Broad Street see average increases between $758 and $819.
The administration previously said more than two-thirds of city homeowners would see taxes go down or increase by less than $400.
Council staffers, who are also crunching the data, also said in a briefing Tuesday that nearly $200 million of the property tax burden is likely to shift from commercial and industrial properties to residential under the current formulas.

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