Before the new property assessments under the Actual Value Initiative were mailed out, business owners in Chestnut Hill were feeling anxious about what effects the new values would have on their establishments.
Dan Weiss is the owner of the Chestnut Hill Cheese Shop and the building that the business is located in at 8509 Germantown Ave. Before the assessments were mailed out he said that business had been hurt enough with the economy and an increase in property taxes would only make it worse.
“I actually haven’t gotten my assessment yet ,but my use of occupancy tax has doubled, so I would expect my property taxes to be bumped up,” said Weiss. “I’m somewhat concerned with what could happen, but it’s just one of those things that I will have to wait for to see what happens.”
Brien Tilley, the president of the Chestnut Hill Community Association said that the assessments were lower than many people expected but it is still uncertain about how the community will be affected until the tax rate has been set.
“If the tax rate ends up being set at 1.25 percent or less, it looks like a high percentage of Chestnut Hill property owners will get a reduction,” said Tilley.
In the mayor’s annual budget address on March 14, Mayor Nutter proposed a tax rate of 1.3204 percent. The actual tax rate will be established in the summer when the city’s elected officials vote on the new budget.