Did you just get a property tax reassessment from the City of Philadelphia? Here’s an explanation of what the changes to your valuation means, how much of a change in taxes you should expect, and what you can do if you’d like to appeal your new assessed value.
Philadelphia calculates property taxes on what they call the Market Value Assessment. The current tax rate of 1.3998% is then applied to the assessed value to determine your property taxes. So, an increase of $10,000 in what the City calls your homes market value would be an increase in your taxes of $139.98 for the year. As long as the tax rate stays the same this is what to expect. But, there is talk in City Council of increasing the tax rate so we’ll have to see how that goes.
Changes in the Market Valuation of your property appear to be based on changes to market values by zip code, however, other factors like changes to your property and property condition may also have in impact. If the changes to your Market Valuation are in-line with trends in the market rate of your rate neighborhood then I’d expect to have less luck with an appeal but it may be worth giving it a shot anyway. If changes to the market value of your property are far different from the changes to the local market increases then an appeal will definitely be a good idea. If you need information on changes to market values in your neighborhood please feel free to contact me.
To appeal your Market Value you’ll need to complete the form that comes with the Property Valuation Assessment by the deadlines stated on the appeal form. You’ll likely also need information on the increase in prices for similar homes in the neighborhood. If you’d like assistance with that, please send me an email at email@example.com.
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The Philadelphia area is a great place to live and work and I love sharing all that Philadelphia has to offer. From our unique neighborhoods and towns, great parks, amazing restaurants and nightlife, museums, and events there’s no shortage of things to do and see in, and near, Philadelphia. Since 2010, I’ve been helping people buy and sell their homes in the Philadelphia area specializing in Center City, Northwest Philadelphia, and the Montgomery County suburbs bordering the city. Outside of being a Realtor®, I’m a dad to an amazing little girl, husband to an amazing wife, and dog-dad to Frida. Together, we enjoy taking advantage of everything that Philadelphia has to offer and exploring the many parks, festivals, and events in the city. Since 2017, I’ve been supporting KenCrest through volunteer efforts including organizing cleaning and painting days at their community homes, decorating for the holidays at children’s transitional homes, and coordinating fundraising and toy drives to support their efforts.
Need to buy or sell a home in the Philadelphia area? I’ve been helping home buyers and sellers from the City to the Suburbs since 2010. Call me at 215-839-6034 and let’s talk!