Let’s talk about how to be proactive because now is the time to appeal Philadelphia Real Estate Taxes.
The city of Philadelphia has announced the real estate taxes for 2023 will be reassessed which is not great news for the homeowners.
This usually means that your real estate tax bill will be increased.
Although the taxes go into effect Next year, the appeal process takes place Right Now
The deadline for filing a real estate tax appeal in Philadelphia is the first Monday in October.
Which means the due date for filing an appeal for 2023 is on October 3, 2022.
And, since filing for the appeal is a process which requires certain information and documents to be submitted it’s important to get started right away.
Per Phila: Assessment appeals should prove at least one of the following:
- The estimated market value of your property is too high or too low
- The estimated market value of your property is not uniform with similar surrounding properties
- The characteristics of your property that affect its value are substantially incorrect
So, who will be the most strongly affected by this reassessment?
Here’s how the reassessments are determined:
A house is sold in your neighborhood and the final sale price is recorded into the public record (no getting around that!)
The assessor sees that house sale and takes a closer look at the immediate neighborhood to determine if the market value has changed for the neighbors.
If the assessor decides the market values have increased then, your real estate taxes will increase.
When is it worth my time and energy to appeal Philadelphia real estate taxes?
There are certain items the assessor is looking at: most specifically age, condition and size.
However, the assessor has limited resources to determine condition and size since their inspections are always from the exterior only.
Therefore, their opinion of the condition and size may be incorrect.
We see this so often during the appraisal process, through no fault of the assessor, since this is the standard practice due to liability issues of going inside the house.
The most accurate way to determine condition, size and market value of your house is via an interior inspection by a real estate appraiser.
Before you hire an appraiser, there are a few things you’ll want to take a closer look at to see if an appeal will make sense for your specific situation.
Need more info to see if you should appeal Philadelphia real estate taxes?
This information is best described visually and I am happy to do this for you.
Below is a video where you will have the opportunity to see my screen as I walk you through:
- How to know what your assessment is for 2023
- How to read and understand the Philadelphia public records from a tax appeal perspective
- How to calculate the possibility of lowering your taxes
- How to appeal your Philadelphia real estate taxes
- 2 other possibilities of lowering your taxes if the appeal option is not right for you
Tap Here for Links to all of the sources mentioned in the video
I am grateful to be able to share this with you. Be the light and pass this on to friends and clients –> they will remember you as a caring person who is looking out for them!
“Today you can be inactive, reactive, or proactive! Choose your “active” wisely”
Daren Martin
