Richard Shore has lived in Center City for the past 30 years. After Philadelphia issued its property value reassessments under the Actual Value Initiative last week, Shore has been notified that his property’s value has nearly quadrupled, going from $192,700 to $653,700, according to the Office of Property Assessment. This would put Shore in line for an increase in property taxes from $6,025 to $8,538– an increase of more than 40 percent if the City Council passes a tax rate of 1.34 percent and a $30,000 Homestead Exemption. He said he believes that the assessments were done haphazardly and unfairly.
“Seems ridiculous to me. They want people to live here and work here and spend money here but they make it hard to live here with such high real estate taxes,” Shore said.
Jeff Cellucci lives in Fairmount. While he has not yet received his new assessment, Axis Philly’s AVI map shows that most residents of Fairmount should be expecting an increase in property taxes between 50 to 600 percent. Cellucci is not against the reassessments, but he believes that there was a disconnect between the city and its citizens in how clearly the reassessment plans were carried out.
“It should have been gradual and communicated more,” Cellucci said. “They did not explain it properly to the laymen, who might not know that you’re going to lose $300 out of your paycheck, each paycheck. It’s such a complicated situation.”
Residents have until March 31 to file first-level reviews and appeals on their property’s reassessed value but must prove factual errors in the Office of Property Assessment’s initial property value review.