The Chestnut Hill Community Association held a meeting on Tuesday night discussing the upcoming property value reassessments that are part of Mayor Nutter’s Actual Value Initiative.
A panel of representatives of the City Office of Property Assessment spoke to an audience of concerened Chestnut Hill residents at the Norwood-Fontbonne Academy at 8900 Norwood Ave. and discussed a variety of topics regarding how the assessments have been done and what options property owners have moving forward.
Richie McKeithen, chief assessor of the Office of Property Assessment, explained to the audience the steps taken to create an accurate assessment of property. The steps include, comparable sales, permits, a field analysis and the most important aspect of the assessment, location.
“Location is the driving force behind value of property,” said McKeithen.
Anna Wallace Adams, Department of Finance chief of staff, described to the audience how the budget and the amount of tax revenues needed for the city are determined.
“It is mostly about making sure that our expenditures are less than the revenues needed,” said Adams.
Many in attendance were uneasy of what reassessment would mean for their family and community. Philadelphia property owners will begin to receive their reassessments in the mail on Friday, Feb. 15. All information regarding what home assessments were based on will be released on the Office of Property Assessment’s website Friday, Feb. 15 at 1 p.m.