Friday, September 2, 2011

What's Your Home Really Worth?

The Actual Value Initiative put in place by the Board of Revision and Taxes is coming to a close. The cities housing stock was so poorly assessed that the assessment initiative headed by Richie McKeithen is starting over.

New assessments are scheduled to be in place by Fall of 2012. This type of procedure takes place in cities across the state and country, but Philadelphia has fallen far behind, with many homes still being taxed on decades old assessments.

So far the team of assessors, expected to be increased from 50 to 106, has assessed more than 2000 of Philadelphia's more than 400,000 homes.

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