Mayor Nutter has put an
end to mind-boggling property-tax increases until after the next mayoral election. That's not exactly the way the mayor put it, but that it the effect of the ban announced today (Jan. 26) on property reassessments. Nutter and the new executive director of the Board of Revision of Taxes said that for the foreseeable future, the BRT would stop reassessing property values. The stated reason is that the method the BRT used for deciding property values was flawed. The practical effect is to freeze property taxes at the current level for at least two years. That means no more sticker shock for those neighborhoods that saw a rapid rise in home prices in the last 5-10 years.
