Philadelphia Real Estate Tax Reassessments Follow-Up
Hi again! I hope you are enjoying the end of summer and the start of fall!
I wanted to follow up on my most recent email with regards to the Philadelphia tax reassessment as I’ve had many clients contact me since the formal reassessment letters have been released. Although your property assessment/valuation may not have increased at all, please make sure to look out for the letter and don't hesitate to contact me with any questions.
First and most important, I want to make sure that if you are an owner occupant your primary house is listed as having the homestead exemption. The homestead exemption will save you over $1,100 in real estate taxes for 2023 just for being an owner occupant and completing the form. For more information or to apply, please make sure you do so by 12/1/2022 by clicking here.
Second, if it's helpful, I’m happy to share my opinion on whether I feel you can make a case to appeal the valuation and potentially have your tax assessment (and real estate taxes for 2023) reduced further.
If you feel your valuation is too high and does not accurately represent the true market value of your property, you can start by requesting a First Level Review (FLR) with the Office of Property Assessment (OPA). There are three acceptable methods to proving that your property is valued incorrectly: market value, non-uniformity, or incorrect exemption/abatement information. If you are thinking about doing any of these and have questions don’t hesitate to reach out.
The request for the first level appeal is now due by 10/14/22.Alternatively, Philadelphia homeowners also have the option to schedule a formal appeal with the Board of Revision of Taxes (BRT) and that deadline is 10/3/22.
More information on filing a First Level Review by 10/14/22 can be found here. Information on filing a formal appeal by 10/3/22 with the BRT can be found here.
Please remember, homeowners are not eligible for the homestead exemption if they have a tax abatement or participate in the LOOP program.
Again, please call or email me if you have any questions regarding the homestead exemption, tax appeals or any other real estate matter (or as always, feel free to get in touch just to say hi!! 😊).
