Heard in the Hall

More taxes for Vince Fumo

Fumo's mansion? City says it's worth $2.6 million, nearly quadruple its previous value

More taxes for Vince Fumo

POSTED: Tuesday, March 26, 2013, 4:10 PM

Former State Sen. Vincent J. Fumo’s palatial Spring Garden mansion nearly quadrupled in value under the city’s new property assessment system.

Philadelphia’s assessors now say the 27-room Victorian brownstone is worth $2.6 million, up from just $675,000 under the old system.

The new assessments don’t take effect until 2014, and it’s still not clear what the tax rate will be. But if the city taxes properties in 2014 at 1.32 percent with a $15,000 homestead exemption, as Mayor Nutter has proposed, Fumo’s tax bill would rise from $21,105 to $33,673.

With Fumo still completing a 5-year federal sentence on fraud and other charges, it’s impossible to know whether he will appeal, but he has done so before. This time around, he might have to weigh the decision with his son, Vincent E. Fumo, and fiancée, Carolyn Zinni, who recently became co-owners of the property with him.

Fumo’s mansion played a cameo role in the controversy over whether the city’s assessment system was fair. In 2008, the city valued the property at just $250,000, even though Fumo at the time tried to sell it for as much as $7 million.

The low assessment fed the perception that the Board of Revision of Taxes, which assessed city properties before the recent property-tax overhaul, was vulnerable to political manipulation. Public outrage over the $250,000 valuation spurred the BRT to reassess the property at $953,500. Fumo appealed that reassessment to the BRT but lost and appealed to Common Pleas Court.

Court documents shed little light on why Fumo and the city settled the case, but in June 2012, the two parties agreed that the mansion would be valued for tax purposes at $675,000. The settlement also said the city would refund any overpayments that resulted from the higher valuation.

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Miriam Hill @ 4:10 PM Permalink | 35 comments

Comments (36)

0 like this / 0 don't • Posted 5:33 PM, 03/26/2013

This comment has been deleted.

— Thor Steiner

0 like this / 0 don't • Posted 10:40 AM, 03/27/2013

us residents in east falls are getting a property tax decrease thanks to AVI. we've been overpaying for yrs. don't like it? move

— hannibal barca.

0 like this / 0 don't • Posted 5:37 PM, 03/26/2013

Of course he's going to fight it. Anyone (and everyone) should if there property taxes are being impacted. Go to zillow and compare sales and then schedule and state your case. It could save you hundreds or thousands a year. That's the way the system is supposed to work. Of course they're still using printing presses and filing cabinets at City Hall so...it could take a while.

— theodotius

0 like this / 0 don't • Posted 5:37 PM, 03/26/2013

wah wah, everyone wasn't paying ENOUGH before AVI. a 27 room mansion in a nice part of the city SHOULD be worth $2.6M.

— main liner

0 like this / 0 don't • Posted 10:37 AM, 03/27/2013

I agree.

— CommonSense in Philly

0 like this / 0 don't • Posted 6:48 PM, 03/26/2013

Corruptadelphia at it's finest...

— APhillyDump

0 like this / 0 don't • Posted 6:50 PM, 03/26/2013

You surely mean more taxes for Fumo to evade.

— DonQ

0 like this / 0 don't • Posted 7:08 PM, 03/26/2013

I think DonQ has it correct. Fumo, city council, and city council relatives will find a way out for themselves. I heard they petitioned Harrisburg for authority to create more exemptions without saying what the exemptions would be. City council will find a way out for themselves and Fumo, and double their DROP in the same bill, a Double DROP. City council is full of thieves.

— misterpond

0 like this / 0 don't • Posted 8:41 PM, 03/26/2013

When's Nutter's last day?

— Ty Webb Delco

0 like this / 0 don't • Posted 10:20 PM, 03/26/2013

If it was on the market in 2008 for $7 million, which was after the real estate market tanked, why is it only valued at $2.6 million for 2014? No one gets their asking price so wouldn't you think it's worth at least $5 million? So much for these new assessments equaling market values.

— wislad

0 like this / 0 don't • Posted 6:55 AM, 03/27/2013

Exactly, horrible eporting on this. Everyones valuation went up at least 4X because taxes are now based on ACTUAL VALUE. The story should be why is it only 2.6 mil and not at least double that!

— Earl J