New city property tax rates delayed: Phila.'s chief tax assessor said residents likely won't receive reassessment notices until summer 2007.

Byline: Michael Currie Schaffer

Jan. 11--The citywide property reassessment that had many Philadelphia homeowners bracing for potentially exponential tax hikes will be delayed by at least a year, the city's chief tax assessor said yesterday.

David Glancey, chairman of the Board of Revision of Taxes, said he would take an extra 120 days to present City Council with tentative results of its three-year effort to assess all 568,000 city properties at market value.

The delay means the new numbers will come in too late to be part of this year's budget, which in turn means residents likely won't receive reassessment notices until summer 2007 and won't pay …