COUNCILMAN DOMB INTRODUCES LEGISLATION TO REQUIRE APPRAISAL BEFORE CITY SELLS, BUYS REAL ESTATE

In Allan Domb, Council News, News by PHL Council

Philadelphia – January 25, 2018– Today, Councilman Allan Domb (At Large) introduced legislation to require an independent appraisal before Council approves the acquisition of title in real estate or approves the sale of real estate with a value of over $200,000, as assigned by the Office of Property Assessment.

The new rules would not apply in the cases of Sheriff sales or to the city’s acquisition of property through eminent domain purchases.

Councilman Domb’s bill calls for amending Chapter 16-200 of the Philadelphia Code on “Sales, Leases and Other Grants of City-Owned Buildings and Facilities,” by requiring appraisals as a condition of approval of certain acquisitions and dispositions of real estate, all under certain terms and conditions. The Commissioner of Public Property would be responsible for providing Council an independent appraisal of the value of applicable real estate.

At present time, the City regularly obtains appraisals as part of its policy and best practices, but is not required to do so.

Councilman Domb seeks to ensure the City does not overpay for any purchase, as well as receives the best possible value on its sales.

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Councilman Allan Domb is serving his first term as an At-Large member of Philadelphia City Council.  He is chair of Council’s Committee on Housing, Neighborhood Development and the Homeless. More information at phlcouncil.com/AllanDomb

 

Photo used under Creative Commons license.

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