Nutter’s New Property Tax Revealed

The city may have increased or decreased the value of your home (as you found out recently by mail, per its new AVI assessments) but the pain or gain you’ll feel in 2014 is still up for grabs. In other words, it all depends on the tax rate the city decides on. Projected for 1.25%, the Inquirer reports that Nutter’s proposed rate will instead be 1.32%, in order to compensate for the homestead exemption he will propose. That plan would give homeowners a tax break on the first $15,000 of their new homes–half the current exemption.

All this will be announced in full early this afternoon during the Mayor’s budget presentation to City Council, where hundreds of union workers are already filing into City Hall to protest Nutter. The rats are out too. [Inquirer]