Tuesday, July 7, 2015

Philadelphia "Actual Value Initiative" Tax Estimates

Philadelphia "Actual Value Initiative" Tax Estimates

For years in Philadelphia, a malfunctioning system has assigned wildly inaccurate assessment values to homes and properties of all kinds. Now the Board of Revision of Taxes is finishing work on a citywide reassessment using a method the agency contends is far fairer and more accurate.


With this tool, you can look up the new and current values for nearly any property in the city, the current tax bill on the property, and The Inquirer's estimation of what the tax might be once new assessments are adopted.


The estimate, based on a tax rate of 1 percent, assumes Mayor Nutter and City Council will not increase the city's total property-tax collections during the switch. Keep in mind that the BRT is still reviewing its assessments, and that these values could change before formal adoption, which will likely take at least a year. The city expects to tax residents on the current assessments this year.

For years in Philadelphia, a malfunctioning system has assigned wildly inaccurate assessment values to homes and properties of all kinds. Now the Board of Revision of Taxes is finishing work on a citywide reassessment using a method the agency contends is far fairer and more accurate.

With this tool, you can look up the new and current values for nearly any property in the city, the current tax bill on the property, and The Inquirer's estimation of what the tax might be once new assessments are adopted.

The estimate, based on a tax rate of 1 percent, assumes Mayor Nutter and City Council will not increase the city's total property-tax collections during the switch. Keep in mind that the BRT is still reviewing its assessments, and that these values could change before formal adoption, which will likely take at least a year. The city expects to tax residents on the current assessments this year.

The database contains about 95 percent of the properties; the BRT did not calculate new values for the remaining 5 percent.

LOOK UP PROPERTY VALUE

Type in the address that you're interested in, with zip code, and click Search. When search results appear, click on any address in the list to get property assessment and tax information.

Street name/address: *
 (example: 8370 E NORRIS ST or 8414 S 09TH ST or GREENWAY – No punctuation, please.)

Zipcode: *

SOURCE: Board of Revision of Taxes; Inquirer analysis.