In an unprecedented show of cooperation between members of Mayor Michael Nutter's administration, City Council, the School Reform Commission and the Philadelphia delegation to the state House and Senate, legislators on Wednesday pushed through a bill paving the way for a switch to the Actual Value Initiative, under which properties will be assessed and taxed based on their true market value, rather than a predefined percentage.
“This effort has been about getting the necessary authority to lower the millage rate to a level that will be determined during the budgeting process, as a result of property assessments being at 100 percent value – which will be a vast improvement from the completely broken, flawed system that the City of Philadelphia has been operating under for decades," Mayor Michael Nutter said in a statement. "I sincerely commend everyone that has been involved with this effort.”
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