Curious about what the city thinks is the “actual value” of your property?
Well, you’ll have to wait a little longer to find out. Mayor Nutter yesterday announced that new property assessment notices based on market values – which won’t be used until the 2013-2014 tax year – will be sent to property owners on Feb. 15. Nutter had previously said that information would be mailed this September.
Administration officials said they are delayed because Nutter’s property tax overhaul was pushed back a year by City Council. As a result, the city is using the current system for another year and won’t go to a system based on market values – known as the Actual Value Initiative (AVI) – until the 2013-2014 fiscal year.
The delay means the city now has to prepare tax notices based on the current system to go out this fall, which means the market value information won’t be ready as quickly, said Finance Director Rob Dubow. It also means the new assessments will be sent out weeks before tax bills based on the old assessments are due, which could prove confusing.