Actual Value Initiative (AVI)
Improving Philadelphia’s system of assessing property taxes is a herculean task, but is critically necessary to the City’s economic future. Over the past several years, the Greater Philadelphia Association of REALTORS® was at the forefront organization on Actual Value Initiative (AVI) and city wide property tax assessments. GPAR believed in the principles of AVI as it represented taxation of the actual value of real estate. We believe the value of real estate is directly correlated with a city’s economic growth, and the tax levied upon the real estate is a critical factor in determining its worth.
Consistent with our mission to protect the property rights of private homeowners, GPAR served as one of the leading advocates calling for an AVI that would be applied fairly, uniformly, and equally.
Furthermore, it was GPAR’s position that the program be implemented in a manner which avoided panic among homeowners, fostered compliance, and prevented a vast devaluation of real estate. To that end, GPAR leaders worked diligently with members of City Council to delay the implementation of AVI for one year until a re-evaluation study was completed and appropriate millage decisions could be made.
AVI was a historic effort to simultaneously reassess the property values for the City's almost 600,000 residential, commercial and industrial properties, and GPAR served as a critical resource in this process.
For more information about current issues involving AVI, click here.