CITY BLOCK LOCAL – Philly Property Tax Update

    CITY BLOCK LOCAL

    As most of you know, I have written extensively on Philly property taxes throughout the spring and early summer.  A lot of proposals, quickly enacted laws, and a good bit of back and forth. Here is a summary of how it shook out so far.

    The bad news—

    •    The Office of Property Assessment did some major upward reassessing of property values for 2019.  Many property owners have filed 1st Level Reviews with the OPA and more will file full appeals with the Bureau of Revision of Taxes by the October 1st deadline.  I have advised many of my readers on the tax appeal process, provided market data for the appeal, etc.  I would love to hear from you when you receive your disposition, so I can get a feel for the OPA’s approach as they view these appeals.  Please let me know.

    •    The city raised its shares of the real estate transfer tax such that each party in a real estate transaction now pays 2.139% of the purchase price. You can read all of the details HERE.

    •    City Council passed a 1% tax on new construction.  It was a 9-8 vote, and will likely be vetoed by the mayor. Stay tuned on this one.

    The good news—

    •    The mayor proposed a hefty property tax hike.  You can read about the proposal HERE, and the good news is…the proposal did not pass! City Council voted it down. So the property tax rate remains at 1.3998% of your property’s assessed value.

    •    Council passed an increase to the Homestead Exemption. From $30,000 to $45,000.  You can read more about how that works HERE.

    As you know, I love talking Philly real estate and Philly taxes. I was an Urban Studies major at Temple and I focused on the City of Philadelphia. This City has always been my passion.

    And as always, 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.

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