This is just one example of the tax hikes. The Philadelphia tax hikes are hitting everyone hard - some people have contacted our office with astounding new figures that they just can't believe. With the mathematics and realistic values of these properties, we wonder where the owner will come up with the difference of $63k to pay for the taxes. We will explain what exactly is going on, how it affects you, and how you can fight it.
The new assessments are intended to reflect the actual market value of the property (the price the property would sell in an open market transaction), however, as you can see from our example, this approach is flawed.
If any taxpayer that disagrees with the new assessment, they will have the opportunity for informal review (the first level of appeal). According to the OPA, the deadline to request such a review will be March 31, 2013.
If a taxpayer still believes that the assessed value is incorrect after the informal review process, he or she will have the ability to file a formal appeal with the Philadelphia Board of Revision of Taxes before the annual appeal deadline – October 7, 2013.
If you want to see if your property is a good candidate for a tax assessment appeal, contact us at (215) 942-2100.