WHEREAS,
The Board of Revision of Taxes has announced that it will implement its real estate Full Valuation Project; and
WHEREAS,
The Full Valuation Project, without tax relief measures from City Council and the generally assembly, may raise the market value assessment of City property and make more of a property’s market value subject to taxation; and
WHEREAS,
The state and City have not completed negotiations allowing the City to lower the portion of the property tax rate that is committed to the school district under Act 46, the City’s maintenance of support agreement with the state; and
WHEREAS,
Some of the City’s property owners who live on fixed income may pay higher property taxes under the Full Valuation Project; and
WHEREAS, Some of the City’s wealthiest property owners will continue to pay reduced property taxes under the City’s real estate tax abatement program for new construction; and
WHEREAS,
The Board of Revision is implementing its Full Valuation Project pursuant to a law enacted more than twenty years ago and could legally defer said implementation; and
WHEREAS,
Real estate values in the City have risen while household incomes have not; and
WHEREAS,
The Philadelphia Gas Works has raised rates by 19% since last winter with the possibility of additional increases in December and as a result City residents will pay more to heat their homes this winter; and
WHEREAS, SEPTA is on strike and City residents are forced to drive and car pool to get to work and school; and
WHEREAS, City residents are paying record gasoline prices resulting in higher transportation costs; and
WHEREAS,
Exxon and others are reporting record profits at the expense of working families; and
WHEREAS,
The City should not contribute to the financial hardship being suffered by Philadelphia families by raising real estate assessments at a time when the City is experiencing better-than-expected revenues projected in the five year plan; now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, THAT, the Board of Revision delay its Full Valuation Project and defer all efforts to raise real estate tax valuations on Philadelphia property owners.
End