Title
Proposing an amendment to The Philadelphia Home Rule Charter to establish City Council oversight regarding increased real property assessments; and providing for the submission of the proposed amendment to the electors of Philadelphia.
Body
WHEREAS, The Philadelphia Home Rule Charter requires the annual operating budget to be balanced; and
WHEREAS, The Real Estate Tax is a major source of revenue for the City of Philadelphia; and
WHEREAS, Real Estate Tax revenue can be increased through a City Council approved change in tax rate or an increase in real property assessments; and
WHEREAS, Following a multi-year pause, the Office of Property Assessment conducted a citywide reassessment of properties in 2022. The reassessment of the more than 400,000 single-family properties resulted in an average increase of 31 percent; and
WHEREAS, The average assessed value in some zip codes - primarily in gentrifying, lower-income neighbors - increased an average of 70-95 percent; and
WHEREAS, The inconsistent and unexplainable assessments continue to raise doubts about the Office of Property Assessment's methodology; an independent audit authorized by City Council found assessments to be below industry standards; and
WHEREAS, There should be checks and balances in place to protect homeowners from inaccurate assessments; and
WHEREAS, Pennsylvania State Law mandates that real property assessments be based on the "actual value thereof" to accomplish "equalization with other similar properties within the taxing district" considering three methods: cost of reproduction or replacement; comparable sales; and income; approaches considered in conjunction with one another; and
WHEREAS, Under Section 6 of the First Class City Home Rule Act (53 P.S. ?13106), an amendment to the Philadelphia Home Rule Charter may be proposed by a resolution of the Council of the City of Philadelphia adopted with the concurrence of two-thirds of its elected members; now, therefore, be ...
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