Philadelphia: City Council Approves Controversial Property Tax Increase

Philadelphia City Council Approves Controversial Property Tax IncreasePhiladelphia City Council Approves Controversial Property Tax Increase Philadelphia’s City Council has approved a controversial property tax increase that has drawn criticism from homeowners and businesses alike. The increase, which amounts to a 1.5% hike in the city’s current property tax rate, is expected to generate approximately $100 million in additional revenue for the city. Supporters of the tax hike argue that the additional funds are necessary to address the city’s budget deficit and to fund essential services such as education and infrastructure repairs. However, opponents contend that the increase will place an undue burden on homeowners and businesses, especially during a time of economic uncertainty. The tax increase was approved by a vote of 9-6, with all of the Democratic members of the council voting in favor of the measure. Republican councilmembers and some members of the public have expressed strong opposition to the increase. Mayor Jim Kenney has stated that he supports the tax hike, arguing that it is necessary to address the city’s financial challenges. However, he has also acknowledged the concerns of homeowners and businesses, and has promised to work with them to mitigate the impact of the increase. The increase is expected to go into effect on January 1, 2024. Homeowners can expect to see an increase of approximately $150 in their annual property tax bill, while businesses will see an increase of approximately $1,000. The tax increase has been met with mixed reactions from the public. Some residents have expressed frustration and anger, while others have acknowledged the need for additional revenue. The increase is likely to be a major issue in the upcoming mayoral election in 2023.