Holy Crap- New Tax Bills /

A Slew Of New Condos Just Listed /

My Preferred Contractor List /

Pick your F*%$#@* battles...

CenterCityCondos.com 
The New 2014 Tax bills....
 
    Unless you live under a rock, or perhaps in Kansas- you have probably heard of the city's proposed "AVI" or Actual Value Initiative. Should you be so fortunate to live in a newer building in town and be shielded by a tax abatement the issue may be less of a concern.
Just email me if you want to know what your proposed 2014 will be.... Mark@CenterCity.Com
 
 
    But to really know what the heck is going on, I turn to my condo lawyer guru Gary Krimstock for answers....

 

 

WHAT IS IT? AVI is the Actual Value Initiative for Philadelphia real estate tax assessments. It has been talked about, threatened, promised, and been in the works for years. It wasn't quite ready last year, so it was postponed until this year, which means it will be put in place this year for the 2014 tax year. We are being told that the non-uniform, unfair, obsolete and broken tax assessment system in Philadelphia has finally been changed and fixed. The new OPA (Office of Property Assessment), instead of the old BRT (Board of Revision of Taxes), has now revalued all 579,000 properties in the City at their full market value. A property's assessment for taxes will now be its actual market value, instead of some arbitrary and inaccurate fraction of its market value.

 

WHAT WE KNOW. The OPA has completed its work to revalue all the properties, and has now sent out notices of the new full market value assessments for 2014. By March 31, 2013, you can request an informal review of your assessment by the OPA. The formal appeal process with the BRT is still available, and the deadline for 2014 taxes is October 7, 2013.

 

WHAT WE DON'T KNOW. City Council and the Mayor have to set the tax rate for 2014 at a new level to keep the promise of the AVI being revenue neutral. Since the property assessments have been dramatically increased to full value, the tax rate will have to be dramatically reduced to keep the overall tax revenue the same for 2014 as for 2013. This decision should be made this Spring as part of the City's adoption of the 2013-14 fiscal budget. They will also be deciding if there will be a Homestead Exemption, and how much it will be. They may also consider adopting some buffering or phasing-in measures to lessen the impact of large tax increases. But, we don't know what they will adopt, or when they will adopt it. So, while you do know your 2014 property assessment, you don't know your 2014 real estate tax, not yet anyway.

 

WHAT TO DO. If your new 2014 assessment is less than the actual market value of your property, and the information about your property shown on the notice is generally correct, then we recommend that you do nothing at this time. Do not request the OPA to review your assessment. Depending upon what happens in the next several months, you can still consider filing a formal appeal to the BRT by October 7, 2013 if you want to dispute your assessment.

 

REMEMBER. Your property assessment can be appealed, but the tax rate and your tax bill cannot be appealed. Appeals can be risky and expensive, because the result can be no change, a decrease, or even an increase in your assessment. There could be delays or changes in the implementation of AVI, depending upon the actions of City Council, the Mayor, and any lawsuits that could be filed to challenge the legality of some of these planned changes.

 

CALL US WITH ANY QUESTIONS.  Gary Krimstock at  215.893.8722. We will be happy to give you advice and represent you in seeking to lower your assessment now or with an appeal later this year. Our law firm has more experience representing property owners in tax appeals in Philadelphia than any other firm, and we look forward to helping you. 

 

 

 

A Slew Of New Condos....
bvp 
     Just in time for the spring 2013 condo market.....where very little inventory in most segments exist, are these lovely new condos that we have just listed. I rarely use this platform as a showcase for my listings  but here you have it:
  

 Pick your F&%#$* battles....

 
     
 PICK YOUR BATTLES
Take the Good with the Bad...then perhaps Zip Your Lip :-)

Listen, I get it. Real Estate transactions can beat you up good sometimes. Finding the perfect home, negotiating, going through the mortgage process...then comes settlement day and the move. Any one of these processes can really put a buyer or seller through the grinder.

There are going to be bumps in the road. 100% guaranteed. But as a 23 year veteran of the Center City condo market, it is my job to try to minimize your discomfort and to adequately prepare you to best avoid and cushion the blows that accompany a Real Estate transaction. And quite honestly, I am pretty good at that....

One of my better qualities, next to parallel parking.

 

Yeah, sometimes buyers and sellers get upset along the way and that is OK. The goal is to make sure that no impending bumps in the roadwill really throw you off track. And for 99.9% of my buyers and sellers- they roll with the punches. I can't get you the advantage at every little twist and turn of a transaction, but my goal is to get you the most that I can.

Like in a relationship, you learn to pick your battles. The same can be said of a real estate transaction. Your are not going to win every argument. No one ever does. But in the end
of almost every transaction I complete, the buyers and sellers are very happy and give me a big hug on their way out the door. Mission accomplished. I like hugs...
  
Yeah, that's me...
MarkNew 
Mark Wade
  
Going on my 24th year selling condos in Center City. I really like what I do and enjoy working with 99% of the buyers and sellers who I come in contact with.
  
Honest....99%. That is not bad if you ask me.
  
Thanks to all my past buyers and sellers and others in my circle
who continue to send me their friends and family
                                             to buy or sell a condo in Center City!  
...You are killin' me with all the business but I couldn't be happier.
  
     www.CenterCityCondos.com 
   215.521.1523
  

 

 Need some work done to your condo?
  
I have known many of these folks for 20+ years....
I think they are honest and reliable. If they give you any
problems, I will want to hear about it...
  
Here is the Link:
  
Mark Wade
Prudential Fox and Roach Realtors
530 Walnut St. Suite 260
Philadelphia, Pa. 19106
215.627.6005
  
  
  
Oh, and see that little link below that says forward this message.
Please forward to other Center City Condo Owners or Potential Owners.... 
Thanks.