FINALLY Some AVI Answers, Tax Rate Set At 1.34%
FINALLY Some AVI Answers As Tax Rate Set At 1.34%
Property owners in the Philadelphia Real Estate community can finally figure out what their 2014 real estate taxes will be under the recently minted Actual Value Initiative or AVI.
On Friday, and somewhat under the radar, Philadelphia City Council passed a rate of 1.34% as well as a homestead exemption of $30,000 for taxpayers who occupy the home as their primary residence. The tax related bill passed 11-5 with council members Kenyatta Johnson, Bill Green, Mark Squilla, Brian O’Neill and David Oh as the non supporting members.
“With the setting of the new property-tax rate and the homestead exemption, Philadelphia has entered a new era of fair, accurate and understandable property-tax assessments,”
The AVI was intended to add consistency and fairness to a system long marred by drastic variation in property assessments and absolutely explainable resulting property taxes. Although some neighborhoods have seen large percentage-wise tax increases, few have been hit as hard as some feared and many, if not most, Philadelphia property owners will see property tax reductions in 2014.
Anyone who owns Philadelphia Real Estate can visit http://avicalculator.phila.gov/ to calculate what their new tax burden will be in 2014
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Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
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