This is a big week for Philly real estate. The Office of Property Assessment mailed out its 2019 Notices of Proposed Valuation. This is a fancy way of saying, “this will be your 2019 real estate tax unless you appeal it.”
This is especially significant this year because the city has delivered some major valuation increases to many (if not most homeowners) and this means higher taxes. For some, MUCH higher taxes.
If you did not receive your OPA Notice, you can contact me and I can look-up your 2019 value up and we can discuss what it means. Or you can look it up yourself at http://property.phila.gov/.
Next, to convert the property valuation to your tax amount, you multiply the value by the current tax rate of 1.3998%. But please note that the city is also considering raising the tax rate for 2019. So the best we can do for now is determine what the 2019 tax would be based on the 2018 rate.
Those of you who have been following the City Block Local for a while know that I have been blogging about the intricacies of Philly real estate taxes since 2013. And I will continue to do so as this story develops. In the coming weeks, I will discuss the First Level Review (i.e., initial streamlined appeal process), different grounds for appeal, how abatements and various other exemptions are handled, full appeals to the Board of Revision of Taxes, and more.
I love discussing Philly real estate taxes, so please contact me at any time with questions or to discuss a specific situation.
Also, do you know someone who is considering buying or selling real estate? I would be honored if you recommended me to be their trusted adviser. I pledge to provide them with the absolute highest level of service.
Jeff “City” Block
April 13, 2018