Nutter's 9.34% property tax increase will be a hard sell, say real estate experts

Mayor Michael A. Nutter's proposal to hike Philadelphia's real estate tax rate to 1.47 percent to raise $105 million for the Philadelphia School District is going to be a hard sell.

The property tax rate is currently 1.34 percent of assessed value and the increase totals 9.34 percent.

"Coupled with $206 million in new FUNDING from the commonwealth, this money would support School District Superintendent Dr. William Hite's Action Plan 3.0 – a bold new plan for city schools to move away from crisis management and toward a successful, opportunity-driven model that better serves all students," Nutter said in his budget address.

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