A new round of property assessments shocked the city last month with a reported 10.5 percent spike in home values. Now, City Council—concerned about the way values are determined—is considering a bill that would give them control over property reassessments in the future.
The bill was introduced during a meeting last week by Council member David Oh. It suggested changing the city charter to give council the final say on newly determined property values, allowing them to approve or reject the assessments, according to an article from PlanPhilly.
Currently, the city’s Office of Property Assessments (OPA) determines property values, but the recent report has concerned some residents and officials, especially since those values suggest an increase in property taxes.
OPA’s 2019 assessment, released early last month, showed an average 10.5 percent hike in property values across the city. On a more local level, 48 out of 57 neighborhoods saw a spike in their property values, with some—like Strawberry Mansion and neighboring Brewerytown—increasing as much as 47 percent. Other neighborhoods, though not many, saw a decrease in values.
Following the assessment, City Council called for an independent audit to determine—as Council President Darrell Clarke put it—the “rigor and accuracy” of OPA’s reassessment, PhillyVoice reported.
Council is still considering Oh’s bill. If it moves forward, Philly residents will be able to vote on it in November, PlanPhilly reported.