The Philadelphia Research Initiative - part of The Pew Charitable Trusts - released a report this morning assessing the city's efforts to reform and reinvent its property tax system.
City Council is expected this spring to take up the mayor's Actual Value Initiative, which would move the city to system that taxes properties based on their actual market value.
As part of the effort, assessors are attempting to affix a market value on nearly 580,000 parcels. The actual tax rate applied to homes and commercial properties figures to be the subject of considerable debate - and political angst - after the results of that citywide reassessment are known in the next few months.
The Pew report did not attempt to project a future tax rate or predict AVI's affect on specific neighborhoods. Instead, the report sought to illuminate the challenges in moving to an actual value system, based on the city's history and by examining experiences in other cities, including Pittsburgh, Boston, Chicago and other large metropolitan areas.