AVI: Holly’s two cents

ADDED ON March 7, 2013 1 COMMENTS

Unless you go out of your way to avoid following local news in every format, by now you’ve heard at least a bit about the implementation of the Actual Value Initiative (AVI), the years-in-the-making overhaul of Philadelphia’s property tax system. Letters were sent out last month to all property owners notifying them of their new assessed values, which will determine the new amount owed starting in 2014. To say that there has been a backlash is an understatement; concerns over the accuracy of the proposed new values have many people up in arms. The issue is that until City Council approves the new budget and determines the new tax rate later this spring, no one knows the actual amount of their new taxes; they could increase or decrease depending on what type of property you own and what section of the city it’s in. I’m not here to editorialize or speculate what potential impact this will have–my job is to help my past, present and future clients get their questions asked, and provide resources to help navigate the appeal process if that’s the route you want to take. Here are what I think are some good resources to help homeowners get info without being swept into the hysteria:

AVI calculator

Appeal process

Approximate tax changes by neighborhood

AxisPhilly: articles and tools

Our March e-newsletter’s AVI Stats were picked up by PhillyMag’s new real estate blog. Check it out their post (and don’t forget to subscribe to our e-newsletter).

Courtesy of PhillyMag

Courtesy of PhillyMag.com

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One Response to “AVI: Holly’s two cents”

  1. March 13, 2013 at 8:47 am, 5Suzette said:

    Homeowner reaction to AVI is NOT Hysterical!

    The AVI notice we homeowners received of showing the many

    Homeowners are not being Hysterical in their reaction to AVI!

    AVI means thousands of increased assessed value; means that when that Tax Rate of no less than 1.25% is applied next year; I will be looking at a change from a yearly Tax of $750.00 to no less than $5,000.00. And this is for my small 2-bedroom very un-modern house that I paid $34,000 for in year 1995, into a neighborhood that had drugs and other crime. But, the neighborhood after many (horrible) years finally cleaned up, then in comes the AVI which will eventually kick me out and many other hard working homeowners,; however, I think that’s what the Mayor and his other politicians want; their hope is to turn certain neighborhoods of Philly into a type of Wealthy New York, but only the Rich and elite upper classes can live in it.
    This is done first through the 10-year Tax rebates that entices particularly wealthy Whites to come (whom it truly appears the Mayor wants) and buy homes in Philly. Homes that they pay no Taxes on for ten years, not even subject to these AVI increases. Actually after ten years they’ve lived free of cost for the home by not having to pay taxes, then sell the home at a profit. Its a Great Philly Government Gift. And during this AVI huge property Tax increases it’s still the neighborhood homeowner who has no Tax rebate subsidy and who can’t afford these new huge Taxes but is required to pay or GET OUT!

    I recently saw a property sold for $l50,000 in Graduate Hospital and at that time the yearly Tax was $400.00. When I looked the property’s address up on the OPA Website (www.opa.phila.gov) the new assessed value is so huge that the new Tax will be no less than $2,500 to $3,000.00.

    So, homeowners are not Hysterical, AVI is about to Ruin their Life!

    Reply

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