The new property tax assessments in the city of Philadelphia just dropped, and they’re raising a lot of eyebrows. If you’re feeling a bit uncertain and think you might need to appeal, you’re not alone. But don’t sweat it— let’s talk it out.
Here’s what you need to know:
Appeal Your Assessment: If you believe your property’s assessed value is too high, now’s the time to take action. The deadline to file an appeal is October 7th, 2024. You can submit your application by mail, in person, or via email. We’ve compiled all the details and necessary forms here.
Homestead Exemption: If your home is your primary residence, you are eligible to apply for the Homestead Exemption. With this exemption, the property’s assessed value is reduced by $100,000. Most homeowners will save about $1,399 a year on their Real Estate Tax bill starting in 2025. It’s a straightforward application process, and you can apply online here.
We know this can all feel like a lot, but that’s why we’re here. We’ve got the experience, the know-how, and the grit to help you navigate this. So, if you’ve got questions, feel free to reach out.
Here’s a few more tips:
- Act Now! If you feel your property's assessment isn't on par with its market value, don’t hesitate to file your appeal. The sooner you get started, the better. Remember, you can always withdraw your appeal if needed.
- Patience is Key. The OPA and BRT were swamped before this new round of assessments, so expect some delays. Keep in mind that the influx of appeals could slow things down even more.
- Be Ready to Follow Up. Don’t wait around for updates from the city—stay proactive. If you manage to reach someone directly, take note of their contact details (name, phone, email). It’s invaluable.
- Claim Your Homestead Exemption. It’s like putting free money in your pocket. This exemption can lower your bill, so head to the OPA website to see if you qualify and apply.
- For Properties Assessed Over $1M: You’ll need to submit an appraisal from a Pennsylvania Certified Real Estate Appraiser with your appeal.
- For Properties Assessed Under $1M: An appraisal isn’t mandatory, but it can bolster your case if you choose to include one.
- Don’t Rely on Comparisons. Saying, “My neighbors pay less,” won’t hold water. Gather solid data and evidence to support your appeal.
- Uniformity Matters. It’s a strong argument to make, but ensure you have all the data needed to back it up.
- Skip the Online Estimates. Sites like Zillow, Trulia, Redfin, and Realtor.com often miss the mark. Don’t depend on them for property values—they’re frequently inaccurate.
- Consult the Pros. A licensed real estate appraiser or agent can help you get an accurate read on your property’s value and assist in compiling data for your appeal.
- Double-Check Public Records. Ensure the City’s records reflect the correct details for your property, like square footage, bedroom count, and lot size. These factors can significantly impact your assessment.
- Seniors, long-term owners, and low-income owners have programs to help with assistance in real estate tax relief that can be found on the city’s website: www.phila.gov.
Any other questions, just reach out. We’re here to help!
