- Ready or Not, Here It Comes: Philadelphia's Actual Value Initiative Assessments Are in the Mail
- February 19, 2013 | Authors: George J. Kroculick; Michael J. McCalley
- Law Firms: Duane Morris LLP - Cherry Hill Office ; Duane Morris LLP - Philadelphia Office
Today, the Philadelphia Office of Property Assessment (OPA) begins mailing out the new "Actual Value Initiative" (AVI) reassessment figures to every property owner within the city. The new assessments are intended to reflect the actual market value of the property - i.e., the price the property would sell in an open market transaction.
The OPA has advised that any taxpayer that disagrees with the new assessment will have the opportunity for informal review. This will allow taxpayers to speak directly with their assessors and provide additional information for consideration, with the potential that the assessor will adjust the assessment without the need to seek a formal appeal before the Board of Revision of Taxes. According to the OPA, the deadline to request such a review will be March 31, 2013. Information concerning the informal review process, including the deadline to request such a hearing, should be included with the assessment notice.
If a taxpayer still believes that the assessed value is incorrect after the informal review process, he or she will have the ability to file a formal appeal with the Philadelphia Board of Revision of Taxes before the annual appeal deadline - October 7, 2013.
The AVI has been a multi-year project, the goal of which has been to reassess all properties uniformly at their actual market value. The AVI assessments will be implemented beginning in 2014. The 2014 Real Estate Tax Rate is expected to be published by May 31, 2013. While the AVI assessment notice will give some insight into a taxpayer's future tax burden, only once the tax rate is published will owners truly begin to feel the true impact of the AVI process. Nevertheless, the time to become proactive starts today.