Philadelphia Mayor Jim Kenney Revises Property Tax Increase Proposal Citing Higher Assessments - NBC 10 Philadelphia

Philadelphia Mayor Jim Kenney Revises Property Tax Increase Proposal Citing Higher Assessments

    processing...

    NEWSLETTERS

    Philadelphia Mayor Jim Kenney Revises Property Tax Increase Proposal Citing Higher Assessments
    Aaron P. Bernstein/Getty Images

    Philadelphia Mayor Jim Kenney is asking for a smaller property tax increase to better fund the city's schools.

    The reason: properties across the city are worth more than last year.

    Earlier this month, Kenney asked city council to increase property taxes by 6-percent to help erase a nearly $1 billion budget deficit at the School District of Philadelphia.

    On Thursday, the mayor amended the proposal requesting only a 4.1-percent tax hike.

    The mayor's office said real estate values in total increased by 11-percent in the past year. That's higher than expected and means the city can collect the money they need with less of a cost to individual property owners.

    Under the original proposal, a homeowner whose home was valued at $113,000 (the past median value) would've paid $95 more a year.

    Now, the median home value is $128,100. So, the current proposal would mean they pay an additional $73 a year, according to numbers provided by the city. Those with the Homestead Exemption would see larger reductions.

    The revised proposal is sure to be more palatable to council members. The last property tax hike, in 2015, was 4.5-percent.