Philly property value reassessments ready for use

April 27, 2009 4:15:43 AM PDT
The agency that assesses property values in Philadelphia is ready to send the mayor and city council a new set of market values for virtually every home in the city. The Board of Revision of Taxes has assessments for nearly 600,000 commercial and residential properties ready for submission this week.

The numbers were created with a new and controversial system called "actual value assessment" that are said to reflect current market values.

A Philadelphia Inquirer analysis last year showed that fewer than 5 percent of the homeowners in the city receive property tax bills based on the true value of their real estate and, on average, the rest of the assessments are nearly 40 percent off the mark.

Pennsylvania's Constitution requires consistent taxation.

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