Business owners in Chestnut Hill are starting to feel the anxiety that has been building across the city in anticipation of Mayor Michael Nutter’s Actual Value Initiative. Individual tax assessments will be released in the coming weeks citywide.

An AxisPhilly analysis of 2012 residential property sales suggests tax rates in Chestnut Hill cover both extreme ends of the scale. Taxes are expected to decrease more than $1,000 on some homes or increase more than $3,000 on others. The impact on commercial property is harder to assess until the city releases its assessments.

Joe Borrelli is the owner of the Chestnut Hill Gallery and Frame Shoppe. He rents his business space at 8117 Germantown Ave. and is concerned about how the new property taxes will affect his rent.

“Times are really hard already. I don’t know why they are doing this now,” said Borrelli.

It’s not just business owners who rent space that are concerned.

Dan Weiss is the owner of the Chestnut Hill Cheese Shop. He also owns the building that his business is located in at 8509 Germantown Ave.

“Business has been hard hit enough, it’s not robust by any means. An increase in property tax will only make it that much harder,” said Weiss.

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Published in partnership with Philadelphia Neighborhoods