Mayor Cherelle Parker’s administration warned that the average homeowner will see their property taxes increase by more than $300.
The city of Philadelphia has begun mailing property tax reassessment notices, and property owners need to act quickly if they want to challenge the reassessment.
It’s the first citywide reassessment in two years. Usually, reassessment notices are mailed by the Office of Property Assessment (OPA) in March, giving owners several months to digest the number and decide whether to appeal. But this year, the reassessment took longer than expected, so owners have a compressed timeframe to decide whether to appeal.
Taxpayers that disagree with the OPA’s new assessment has two options. First, a taxpayer may request a first level review, which allows them to speak directly with an assessor and provide additional information for consideration. With this comes the potential that the assessor will adjust the assessment without the need to seek a formal appeal before the Board of Revision of Taxes. Information concerning the informal review process, including the deadline to request such a hearing, should be included with the assessment notice. The deadline will likely be September 9, 2024, but the OPA has not yet formally announced the deadline.
The second option for taxpayers is to file a formal appeal with the Board of Revision of Taxes. An appeal may be filed after consultation with the assessor in the informal review process if the assessment is not reduced to the taxpayer’s satisfaction, or a taxpayer may skip the informal review process entirely and file a formal appeal. The deadline to file a formal appeal will be October 7, 2024.
In addition to the mailing to all taxpayers, the OPA will publish the new assessments on its website.
Mayor Cherelle Parker’s administration warned that the average homeowner will see their property taxes increase by more than $300. That is due to the average property valuation for residential properties spiking almost 11 percent since the last assessment. The actual tax rate will stay the same. Commercial property taxes are expected to hold steady or even decrease. Even so, every property owner should review the notice of proposed valuation and proactively decide whether to seek review or appeal.
For More Information
If you have any questions about this Alert or would like more information, please contact George J. Kroculick, David Amerikaner, Anna Wills, any of the attorneys in the Real Estate Practice Group, Michael A. Gillen, John I. Frederick, any of the practitioners in the Tax Accounting Group or the attorney in the firm with whom you are regularly in contact.
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