Prop. taxes could go through the roof

    A Philadelphia City Councilman has proposed a series of bills to soften the blow of soon-to-be-higher property taxes.

    A Philadelphia City Councilman has proposed a series of bills to soften the blow of soon-to-be-higher property taxes.

    Listen:
    [audio: 090430tmbuffer.mp3]

    The Board of Revision of Taxes has come up with the real property values of Philadelphia real estate in an effort to base taxes on actual property values. That will mean dramatically higher property taxes for some Philadelphians whose properties were undervalued for tax purposes. They include those whose home values have dramatically jumped over the past few years.

    Councilman Frank DiCicco has introduced four bills to prevent a major tax increase for those homeowners.

    DiCicco: When they bought their homes, they never expected them to be worth four times the value of what it is today, it’s going to be a very interesting conversation.

    DiCicco says implementation of the new valuation system appears to still be a year away.

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