Monday, August 31, 2015

Do Philly property owners know if they're overpaying in taxes?

Last month, Philadelphia City Council voted to delay overhauling the property-tax system for a year. Many homeowners applauded the decision. But some property owners, who are overpaying in property taxes, could have gotten a lower tax bill if Council made the switch. Because the city's current assessments are inaccurate, some homeowners and businesses are currently overpaying in property taxes while others are underpaying. Mayor Nutter's Actual Value Initiative sought to fix the city's broken assessments. Who are the people being screwed by the status quo? And did they even know they could have benefited from reform? NewsWorks Tonight host Dave Heller talks with Holly Otterbein, staff writer for It's Our Money, to find out.

Do Philly property owners know if they're overpaying in taxes?

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Last month, Philadelphia City Council voted to delay overhauling the property-tax system for a year. Many homeowners applauded the decision.
But some property owners, who are overpaying in property taxes, could have gotten a lower tax bill if Council made the switch. Because the city's current assessments are inaccurate, some homeowners and businesses are currently overpaying in property taxes while others are underpaying. Mayor Nutter's Actual Value Initiative sought to fix the city's broken assessments.
Who are the people being screwed by the status quo? And did they even know they could have benefited from reform? NewsWorks Tonight host Dave Heller talks with Holly Otterbein, staff writer for It's Our Money, to find out.

Last month, City Council voted to delay overhauling the property-tax system for a year. Many homeowners applauded the decision. But some property owners, who are overpaying in property taxes, might have gotten a lower tax bill if Council made the switch.

Because the city's current assessments are inaccurate, some homeowners and businesses are currently overpaying in property taxes while others are underpaying. Who are the people being screwed by the status quo? And did they even know they could have benefited from reform? Listen to this radio report for WHYY, in which NewsWorks Tonight host Dave Heller talks with reporter Holly Otterbein about the topic.

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About this blog
Every year, city government spends slightly more than $4 billion. Where does all that money come from? More importantly, where does it go? Are we getting the most bang for our tax buck? “It's Our Money” is a joint project between Philadelphia Daily News and WHYY, funded by the William Penn Foundation, designed to answer these questions.

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