Friday, October 26, 2007

Property Taxes

It's not clear that this is a story about favoritism for a powerful pol. More likely it's just about Philadelphia's crappy property tax assessment system (though it could be a bit of both).

In a controversial vote, the Board of Revision of Taxes yesterday decided to put off until next year the reassessment of state Sen. Vincent Fumo's Green Street home, now on the market for nearly $7 million but on which the board has placed a market value of $250,000.

The 4-to-3 vote came on a motion from longtime board member Robert N.C. Nix III, who asked the board to reconsider that market value in light of the hefty offering price on the 27-room, four-story manse near 22nd Street.

Land and property owners in many places in this city are paying a pittance for property taxes, which tends to lead to un- and underdeveloped properties. Lots of empty undeveloped lots near me in part because it's cheap for the landowners to just sit on them.