Mayor Nutter's Budget Address

Philadelphia Mayor Michael Nutter gives his budget address this morning.

Thursday, Mar 8, 2012  |  Updated 12:05 PM EDT
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Mayor Nutter's Budget Address

AP

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Representatives of Philadelphia Mayor Michael Nutter say changes to the property assessment system could mean an extra $90 million in city coffers but the new revenue shouldn't be called a tax increase.

Nutter is scheduled to present his budget to City Council on Thursday. Administration officials say that address will include an update on the city's Actual Value Initiative.

Nutter's administration says the switch to market price assessments will take into account the rise in property values since 2004, the last time the city performed significant reassessments.

Nutter halted reassessments in 2010, calling the old system irrevocably broken.

Finance Director Rob Dubow says residents should see updated tax bills by October.

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