Controller says Philly will benefit from reassessments

A report by Philadelphia’s controller says the city could collect a lot more in taxes for  2017. 

 

 

A new round of property reassessments next year will likely boost revenues, said Philadelphia City Controller Alan Butkowitz.

“We’re estimating they are going to being in an extra $30 million because of this assessment of land as opposed to buildings,” he said.

The land is increasing in value; while some property owners have tax abatements, that covers the building, not the property underneath it. 

Now  reassessments in Philadelphia evaluate buildings and land separately.

“I think one of the other effects of this is that it gets to abated properties more quickly,” he said.

The city is also going to see additional tax revenue because thousands of homes will have their 10-year real estate abatement expire in 2017, Butkovitz added.