AVI is a program for the assessment of all real property—land and buildings—in Philadelphia, effective Tax Year 2014, at their current market value. Market value reflects the approximate amount a property would sell for in today’s real estate market. The purpose of AVI is to make sure that all values are assessed fairly and in compliance with state laws, statutes, and industry standards. It will ensure that properties of equal value get the same assessments.
To establish an assessed value for a property, the OPA considers a number of factors, including:
- Size and age of the property
- A property’s location and condition
- A property’s use (home or business)
To determine the characteristics of a property, the OPA uses information from field inspections for building size and condition, aerial photography, data from other City departments (such as permits and deeds), and commercial sources, like property listings.
- For residential properties, the OPA analyzes recent sales of similar properties to set the value, making adjustments for differences in the characteristics between the homes that sold and your property.
- For commercial and large multi-family properties, the OPA considers the income approach, market approach, and in some situations, cost approach, and utilize the approach that is most appropriate based upon property type and use. The income and costs of operating the property to determine its value, or considers the cost of construction and land.
For more info visit Philadelphia’s Office of Property Assessment: http://www.phila.gov/OPA/ASSESSMENTS/Pages/HowOPAAssessessProperty.aspx