July 8, 2012

Philadelphia Tax Assessment Appeal 2012-2013

Tax Assessment Appeal – Philadelphia Common Level Ratio revised to 25.2% for 2012 – 2013

STEB, known as the State Tax Equalization Board has revised the 2012 common level tax rate for property in Philadelphia from 18.1% to 25.2% for tax assessment appeal purposes.  This function of the Board is to establish a common level ratio of assessed value to market value for each county for the prior calendar year.  Act 267 of 1982 requires the State Tax Equalization Board to use statistically-acceptable techniques, to make the methodology for computing ratios public, and to certify the ratio of the chief assessor of each county each year.

If you are planning on appealing your assessment for 2013, this is great news.

Since Philadelphia continues to use an assessment rate of 32%, the new ruling makes the Philadelphia predetermined ratio appears to violate Pennsylvania law. The Pennsylvania General County Assessment Law provides that there cannot be more than a 15% difference between the common assessment level rate and the county’s Established Predetermined Ratio . 72 P.S. § 5020-511(c).

You can contact us for a no cost evaluation to see if your property taxes are too high and if a property tax assessment is warranted for your property. Call us at 215-942-2100 or email us at Michael@Phillyesq.com