Monday, October 20, 2014
Inquirer Daily News

The long-awaited reassessment 'formula' has been released

The Office of Property Assessment released its methodology today, explaining in an online presentation how it arrived to the new assessments under the Actual Value Initiative.

The long-awaited reassessment 'formula' has been released

The Office of Property Assessment released its methodology today, explaining in an online presentation how it arrived to the new assessments under the Actual Value Initiative.

OPA even included the much requested "formula" which is Market Value = Constant * B1 ^ X1 * X ^ LN (B2)... enough to make anyone's head spin.

OPA spent two years reassessing properties, by analyzing sales, conducting field inspections and creating valuation models. Under AVI some property owners will see their tax bills decrease while others will see large spikes. Elected officials and community groups began requesting the "formula" and criteria used to reassess properties several weeks ago and some have called into question the accuracy of the assessments.

Anyone who believes their property has been assessed to high or low can file an appeal with the Board of Revision of Taxes

About this blog
Chris Brennan, a native Philadelphian and graduate of Temple University, joined the Daily News in 1999. He has written about SEPTA, the Philadelphia School District, the legalization of casino gambling, state government, the mayor, the governor, City Council and political campaigns. E-mail tips to brennac@phillynews.com
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Jenny DeHuff is a 2005 graduate of the University of Rhode Island, where she cut her teeth in journalism. A South Philly transplant from New England, she joined the Daily News City Hall Bureau in 2013. For the past several years, she has worked as an investigative reporter exposing corruption in suburban politics, covering sometimes ghastly criminal court cases and following the people’s money and how its spent. In addition to being a dogged news hound, she enjoys reading and writing about travel, animals, Irish whiskey and aviation. E-mail tips to dehuffj@phillynews.com
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