The majority of homeowners in Chestnut Hill would likely see their property taxes increase between $1,000 and $3,000 if Mayor Michael Nutter's Actual Value Initiative (AVI) is implemented, according to a map released by the Philadelphia Public Interest Information Network.
The map shows how AVI might specifically affect individual areas throughout Philadelphia if the tax rate is set at 1.8 percent of the home's value. That hasn't been settled yet but will be once City Council passes a budget. The body is required to do that by the end of June.
AVI would likely require homes to be assessed at their actual market value.
Here's a look at the Chestnut Hill numbers. The map only profiles certain properties and is intended to give a general sense of AVI's effects:
- No homes listed on the map would see their property taxes decrease.
- Three listed on the map would see their property taxes increase by between $0 and $1,000.
- 10 listed on the map would see their property taxes increase by between $1,000 and $3,000.
- Three listed on the map would see their property taxes increase by more than $3,000.