Hey, hey, hey. My posting wasn't intended to be complaint about paying taxes -- I realize that the City's assessments are not, in most cases, in line with actual market values and that property values have been sky rocketing in the area -- I was just curious as to whether my neighbors have gotten similar increases.
Jonathan A. Cass Silverman, Bernheim & Vogel Two Penn Center Plaza, Suite 910 Philadelphia, PA 19102 Tel: 215-636-4435 Fax: 215-636-3999 E-Mail: [EMAIL PROTECTED] This electronic message contains information from the law firm of Silverman Bernheim & Vogel which may be confidential or privileged. This information is intended for the use of the individual or entity named above. If you are not the intended recipient, be aware that any disclosure, copying, distribution or use of the contents of this information is prohibited. If you have received this electronic transmission in error, please notify use immediately by telephone, 215-569-0000, or by e-mail reply. -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] Behalf Of William H. Magill Sent: Wednesday, July 23, 2003 10:20 PM To: Jonathan Cass Cc: [EMAIL PROTECTED] Subject: Re: [UC] Property Tax Increase- 2004 On Wednesday, July 23, 2003, at 06:01 PM, Jonathan Cass wrote: > I just received the City's proposed 2004 property tax for our house on > the > 4600 block of Larchwood. It is going up the 10% maximum -- $285. > Anybody > else get an increase notice recently? This issue comes up every year... (And everybody in UC "should" be getting increase notices. Even if they got one last year. ... But politics won't let that happen.) The total tax rate: 8.264%, has not changes since 1990. (3.745% for the City and 4.519% for the School District.) (The percentages between the City and School District changed in 03, but the total tax rate remained the same.) However, Philadelphia has historically had a problem with matching the REAL market value of properties to their "Estimated market value." There are many reason for this, most all of which have to do with politics and not with economics. Most of the city is STILL way below the supposed 50% rate - assessment value to REAL market value. There was an arrangement reached with/by City Council back around 1990 to gradually bring up all areas of the city to the same rate, (market value to assessed value). This is where the idea of a "10% maximum increase" comes from. On top of that is the state mandated "equalization" process. Some of the details on that can be found here: http://brtweb.phila.gov/equalization.aspx If you notice, the "Estimated Market Value" of your property is probably about half of what it should be. That Value is what you could sell the property for, what you can use to get yourself a second mortgage or home equity line of credit with, or what you can use when you go to "re-fi." The 10% increase to which you refer is actually the increase in the "Estimated Property Value," not an increase in your taxes.... even though it produces a matching 10% increase in your property taxes. (through the magic of the "predetermined ratio.") You'll also notice that the BRT notice reads "Notice of proposed changes in market value for real estate taxes in 2004." -- not "proposed changes in real estate taxes." Based on what I know of the market history of this area, I would wager that probably half of the properties in University City have "Estimated Property Values" that are 50% or less of the values any appraiser would generate were you to apply for a mortgage. And the remaining 50% are probably no more than 75% of recent sale prices. Without a doubt, Real Estate Taxes in University City are a bargain. I know that within my own family, who all live out in various PA and NJ suburbs, I pay about 20% of what the LOWEST of their property taxes happen to be! They can't believe how LOW my taxes are. This is also one of the primary reasons why the Suburbs hate the City Wage Tax -- they can easily see that Philadelphians are NOT paying their fair share. People on this list routinely decry tax cuts -- Well, here's your chance to sound off in favor of increased taxes for University City Residents! Appeal to the BRT and tell them that they've got your Estimated Market Value much too low; please increase your taxes. ... Insert annual discussion of the Henry George Land Tax scheme here ... http://www.henrygeorge.org/denigris.htm http://www.henrygeorge.org/ T.T.F.N. William H. Magill [EMAIL PROTECTED] [EMAIL PROTECTED] [EMAIL PROTECTED] ---- You are receiving this because you are subscribed to the list named "UnivCity." To unsubscribe or for archive information, see <http://www.purple.com/list.html>. ---- You are receiving this because you are subscribed to the list named "UnivCity." To unsubscribe or for archive information, see <http://www.purple.com/list.html>.
