Philadelphia property values have risen over 20% in last 2 years, city officials say
Philadelphia property values have risen over 20% in last 2 years, city officials say
Philadelphia's Office of Property Assessment estimated that the value of Philadelphia properties have risen by 21% since the 2020 tax year. It Philadelphia's first widespread property reassessment since the coronavirus pandemic gripped the city.
PHILADELPHIA - After a three-year delay, city leaders on Monday shared new reassessment values for all properties in Philadelphia that left some residents concerned.
Philadelphia's Office of Property Assessment estimated that the value of Philadelphia properties have risen by 21% since the 2020 tax year. It Philadelphia's first widespread property reassessment since the coronavirus pandemic gripped the city.
One Philadelphia resident whose parents purchased their home on Wilt Street over 30 years ago described the changes his neighborhood has gone through. He worries that all the new development might make the home unaffordable.
"Were seeing whole neighborhoods change," he said. "It's really hard out here, it's a lot harder than it was before."
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Members of Philadelphia's City Council spoke on behalf of concerned residents at Monday's hearing with the Office of Property Assessment. Councilman David Oh questioned if the higher property values would push out entire blocks.
"Every penny that will come to the general fund through the property assessment is going back in the form of relief," Director of Finance Rob Dubow said.
Mayor Kenney proposed a package of relief measures and reductions in the Philadelphia Wage Tax to reduce the impact, including exceptions for senior citizens and low income homeowners.
He's proposing the taxable portion of the assessed value of anyone's primary home be increased to $65k from the current $45k.
Local relator Karen Rodgers recommends that every primary homeowner in Philadelphia should apply.
"Regardless of whether you’re satisfied with the new assessment or not and then secondly I think if you’re not satisfied with the assessment you need to act and make sure that you file a challenge." Rodgers said.
That challenge can be filed after the assessments are mailed out in the fall. Appeals are then due Oct. 3.