Philly to rake in $118 million in new taxes after reassessing commercial properties
Commercial property owners could be in for some sticker shock when they receive the city’s new property assessments in mid-April.
The taxable portion of the assessed value of Philadelphia’s 60,000 commercial, industrial, and hotel buildings, as well as other nonresidential properties, went up by 50 percent -- from $30.23 billion to $45.3 billion -- with the reassessments, an increase that will contribute to an expected $118 million in new tax revenue to be split between the city and School District.
The city has no plans to immediately spend its portion. Officials say the money will be reserved for use if funding cuts threatened by the Trump administration come to fruition.
This is the first full reassessment of commercial properties since the controversial Actual Value Initiative (AVI) in 2014, which uses market values as the assessment standard.
Read more: http://www.philly.com/philly/news/politics/City-to-collect-54-million-more-in-property-taxes-thanks-to-increase-in-commercial-property-values.html
