For the first time since 2019, Philadelphia has reassessed the property values of every property in the city. Most property values in Philadelphia have been reassessed 30% higher than in 2019, and some neighborhoods are seeing an increase of over 50%. These new values determine 2023 property taxes.
Since the 2019 property value assessment, many factors have changed, one of the most influential being the rising national inflation rate. This increase continues to directly affect the values of properties around the city, forcing buyers to pay a substantially higher price for the same property than in 2019.
While this may sound fantastic for property owners looking to sell, most owners are looking to hold on to what they have. This means they will need to pay property taxes calculated by taking the reassessed property value that the city calculated and multiplying it by the local tax rate of 1.3998%.
How does this impact you?
Well, for almost all property owners in Philadelphia, this means they will need to pay about 30% to 50% more in property taxes than they have over the last three years. However, it is important to note that there are measures that owners can take to appeal their tax increase, and Pritzker Law Group can help.
You have the opportunity to file a formal appeal of the reassessed property value. A successful appeal would ensure paying less in taxes for not only 2023 but also an additional two or three years until the city reassesses property values again. The deadline to file an appeal for this year is Monday, October 3, 2022. Legal counsel often oversees this process to ensure property owners receive a fair assessment.