Commonwealth Agency Inc. Now Helping Prepare Residents of Philadelphia for the New Tax Assessment

Broad Axe, PA -- (SBWire) -- 04/18/2013 --With Mayor Michael Nutter proposing a new financial plan for the 2014 fiscal year, Commonwealth Agency Inc. is now helping prepare clients for the upcoming Philadelphia Tax Assessment. City Hall sources state that Mayor Michael Nutter is proposing a new property tax rate of roughly 1.3 percent. As one of the leading Philadelphia Title companies, Commonwealth Agency Inc. is helping and informing clients that the new tax rate only affects Philadelphia and not surrounding counties such as Montgomery and Bucks County.

The city of Philadelphia has been giving people their new property assessments over the past few weeks. These new assessments are part of Mayor Nutter’s plan to overhaul the property-tax system. While also bringing in the same amount of tax revenue in 2014 as 2013, the new assessments will be based on real market values. There has been a concern over the years that the previous property assessments have been inaccurate, but Mayor Nutter hopes his plans will fix those concerns.

Also in the plans, is a $15,000 homestead expansion, which according to City Hall sources, is a property-tax break for homeowners living in Philadelphia. The current homestead exemption in the books is worth $30,000, which means that Philadelphia homeowners will not be taxed on the first $30,000 of their house’s property assessment. The new assessments will cause both a tax increase and reduction to homeowners living in Philadelphia. Mayor Nutter stated that he supports a bill that would provide means-tested tax relief for homeowners that have been living in gentrified neighborhoods for a long time. “There’s actually some positive news in a variety of places in the budget,” Mayor Nutter stated. The deadline for the City Council to pass a budget is June 30th.

About Commonwealth Agency Inc.
Commonwealth Agency Inc. is a full service licensed Philadelphia title insurance company committed to providing quality client-care that clients can count on. With over 40 years of experience in Pennsylvania and New Jersey, their team offers reliable, proactive services that will ensure quick, efficient, and convenient closings. Clients work with experienced, licensed closers who explain everything upfront and assist them throughout the entire process. Commonwealth also offers very efficient and professional service with refinances, working proactively to resolve issues quickly to get the client to closing much more quickly than most other title companies.

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