You have probably received your new assessed home value, the product of the Actual Value Initiative (AVI), and you’re thinking, “How did they come up with that number?” If so, you should request a first-level review of your assessment.
The first-level review is intended to be a quick process that will allow the city’s Office of Property Assessment to consider factors affecting the value of your home that it may not have known about during the reassessment process. As a result of the review, they may adjust the value of your home without your having to file a formal appeal with the Board of Revision of Taxes.
In order to secure the best possible outcome, you put together the strongest possible case you can make for an over assessment and submit it to the Office of Property Assessment sooner rather than later. If you cannot reach a satisfactory agreement with the OPA, you still have the right to formally appeal your assessment to the BRT. The deadline for filing appeals is Monday, October 7th. (It is not necessary to request a first-level review before filing an appeal.)
More information about the review and appeal process is available at http://www.phila.gov/OPA/Assessments/Pages/Appeals.aspx
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Home Prices Show Best Yearly Gain
Home prices in the U.S. picked up in December, closing out 2012 with the biggest yearly gain in over six years, a hopeful sign that the housing market is getting back on its feet. The S&P/Case Shiller composite index of 20 metropolitan areas rose 0.9% in December on a seasonally adjusted basis, topping expectations for a gain of 0.5%. Prices in the 20 cities jumped 6.8% year-over-year, ahead of expectations for 6.6% and the best yearly gain since July 2006. For the final quarter of the year, prices gained 2% on a seasonally adjusted basis. On a non-adjusted basis, prices were up 0.2% in December.
Last year housing contributed to economic growth for the first time since 2005 as the sector began to recover from its far-reaching collapse. Prices have been rising since last February as the supply of available homes for sale tightened in 2012, helping to stabilize home values. Investors buying cheap homes to be converted into rentals also supported the market and some hard-hit areas saw a sharp bounce back in prices.
“While the economy faces challenges from the fiscal cuts, the housing market is on a good footing due to low inventory, slow clearing of foreclosure, steady household formation and more easing of mortgage credits,” said Michelle Meyer, senior economist at Bank Of America Merrill Lynch in New York.
U.S. stock index futures saw little reaction to the data, with Wall Street set for a higher open, while the dollar extended losses against the euro.
Now that the Actual Value Initiative has been completed, The City of Philadelphia has offered an AVI calculator so you can figure out how much your taxes will be increasing. Simply follow the link below and put your property address into the address field.
344, 48 SOUTH Street PHILADELPHIA PA - #6143736 | Reid Rosenthal -
Motivated Seller! Great Income producing investment property in the heart of South Street. Long Term Lease in place. Triple Net. Great Tenant who have been in business over 20 years.
On February 4th the city’s Department of Parks and Recreation unveiled its latest plan for Parkway change titled “More Park, Less Way: An Action Plan to Increase Urban Vibrancy on the Benjamin Franklin Parkway.”
Deputy Mayor for environmental and community resources Michael DiBerardinis says recent improvements have been remarkable, including $20 million in streetscape improvements such as pedestrian crossings, the addition of bike lanes and planting new street trees. New amenities such as the Barnes and the renovated Rodin Museum, Sister Cities Park and the restored Logan Square have activated the Parkway in new ways. DiBerardinis says by 2015 they want to connect more dots to make the Parkway a destination in and of itself, rather than a place to pass through.
The action plan is the result of 10 months of community engagement and work aimed at improving the vitality of the Parkway for a modern city landscape. Parks and Recreation has spearheaded the planning effort in conjunction with Penn Praxis and the Penn Project for Civic Engagement. Four public hearings last July were the building blocks for the plan, developed with help from Penn Praxis, the applied-research arm of the School of Design at the University of Pennsylvania.
Spokesman Patrick Morgan said the time frame for implementing the plan is also much shorter than most strategies for shaping a landscape as well-known as the Parkway. “We heard from many in the community and specifically those neighborhoods that are adjacent to the Parkway,” Morgan said. “They would like it to be more accessible, a little greener, and have more amenities and be more a part of the community itself.”
Le Columbe my favorite coffee shop now has other amazing products. Great chocolate with coffee beans in it. 19th in between Walnut and Sansom.
Nomad Pizza in Bella Vista. Unreal.
344, 48 SOUTH Street PHILADELPHIA PA - #6143736 | Reid Rosenthal