Philadelphia trying to soften the blow of real estate tax hike

As Philadelphia residents and business owners brace for higher property tax assessments, City Council is considering a number of bills to soften the blow. 

Council President Darrell Clarke says the multi-bill package is designed to give people options if a more up-to-date assessment raises their real estate taxes significantly.

“One deals with senior citizens and one deals with non-senior citizens and gives them the ability to defer their tax increases.  The other gives an opportunity to have an installment plan for individuals who do not have the money to pay that particular bill at the time of it’s submission by the city of Philadelphia,” said Clarke.

Clarke says part of the package would charge lower interest rates for those who need to defer their taxes until a property is sold.

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“There’s another bill that reflects authorizing credits towards your real estate (taxes) in the event of individuals of a low income nature are not in a position to pay their bills you can apply and possibly receive a credit based on that income,” said Clarke.

Just how much the bills would reduce or defer tax revenues might be fleshed out at future hearings on the package.

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