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Property Value Reassessment Briefing

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6 August 2026

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Real Estate Tax:

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  • 15% of annual City revenue
  • 56% School District / 44% City

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  • Tax rate 1.4% of assessed value

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Before 2014:

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  • Mostly lower assessments
  • Rarely updated, inconsistent
  • Tax rate about 9.4% but based on 32% of assessed value
  • Effective tax rate about 3%

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Before 2014:

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  • Mostly lower assessments
  • Rarely updated, inconsistent
  • Tax rate about 9.4% but based on 32% of assessed value
  • Effective tax rate about 3%

Since 2014:

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  • Mostly higher assessments
  • Regularly updated, less inconsistent
  • Tax rate about 1.4% of full assessed value
  • Discount/protection programs

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Municipal Assessment Guidelines:

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  • Close to market value
  • Compared with others in GMA
  • GMA = Geographic Market Area
  • Updated about every 3 yrs
  • About 80% home, 20% land

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Homeowner Programs:

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  • Homestead Exemption: $100k on primary residence
  • LOOP: 10+ yrs in house, caps tax bill if assessment jumps by 50% in year (or 75% over 5 yrs)

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property.phila.gov

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property.phila.gov

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property.phila.gov

10-year abatement:

  • Improvement only (the building), not the land
  • Before 2022: 100% for 10 years
  • Now: 100% in Year 1, minus 10% each year

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Pushing Back on your Assessment:

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  • Property description error
  • Higher than GMA comparables
  • Below average condition

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Pushing Back on your Assessment:

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  • First-level Review
  • Appeal

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Pushing Back on your Assessment:

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  • First-level Review: OPA, informal, dialogue/negotiation
  • Appeal: BRT, formal, legal, adversarial

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Pushing Back on your Assessment:

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  • First-level Review: OPA, informal, dialogue/negotiation
  • Appeal: BRT, formal, legal, adversarial
  • Recommendation: File both (Sep 1, Oct 5)

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Pushing Back on your Assessment:

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  • Be Aware: School District can also appeal to BRT