And we’re back for another marathon budget session today, as it looks increasingly like the mayor’s property tax overhaul may not happen this year. Check out our story today for more details.
Mayor Nutter is clearly worried about what’s happening to his budget proposal to move the city to a property tax system based on market values. He sped back to town last night from Orlando, FL where he been at the U.S. Conference of Mayors conference.
Council members are reportedly considering holding off for a year on Nutter’s proposal, known as the Actual Value Initiative (AVI). Nutter’s Finance Director Rob Dubow sent out a memo to members warning that keeping the current property tax system for another year would result in appeals that could cost the city up to $100 million dollars.
Sources provided us with a copy of the memo, which you can read here.
It’s going to be a long day as Council debates whether or not to do AVI and how much funding they’ll provide to the school district. Nutter had sought $94 million in additional funding for schools through the move to AVI. We hear Council is discussing providing a much smaller amount – between $20 and $40 million.