More than one-third of Philadelphia's residential properties — 165,000 — are overassessed, an Inquirer-Daily News analysis found, meaning the owners are paying more than their fair shares in taxes. Lower-priced properties on average tend to be overassessed, while owners of higher-priced homes may be paying too little in taxes — a continuation of a stubborn, statewide pattern. The report notes that the "actual value initiative" dates to 2014, predating the Kenney administration. It also states: "The improvement in accuracy was recently recognized when the State Tax Equalization Board (STEB), an independent state board, determined that the City's ratio of assessed value to current market value was 98.7 percent — one of the highest ratios in the Commonwealth." That figure is not necessarily an indication of accuracy; it is merely an average of all sales/assessment ratios in the city. It is one of the highest ratios in the state because other counties do not assess at 100 percent of market value.