Lower Your Philadelphia County Property Tax

According to a recent article in Philly.com, many areas of Philadelphia saw their taxes increase and some even saw theirs double when the new tax assessments for 2019 went out.

Now more than ever a tax appeal may be in your favor. One of our own agents has been largely impacted by this increase in his home’s assessed value going up nearly 500%.

Don’t have time to read the whole article? Here are some key points to take away.

·         Some areas experienced a significantly increased value while there hasn’t been much development in that specific block or two.

·         In 2018 the median market value of single-family homes increased by 10.5 percent.

·         With the homestead exemption, the median tax bill would increase $165 a year as a result.

·         Many homeowners could see double or triple that amount in increases.

·         If you rent, you may be seeing this cost passed on to you.

·         One small block in South Philadelphia saw an increase in at least 70% of their assessed tax value for 2019.

·         There seems to be a discrepancy in land assessment values.  For instance, one neighbor’s land may be worth $121K whereas right next door $40K, when they share a common wall/earth and have the same square footage and were built the same year.

Property Tax Relief Via The Homestead & Farmstead Exclusions

The homestead or farmstead exclusion reduces the assessed value of your property, and as a result, lowers what you owe as far as property tax. Under a homestead or farmstead property tax exclusion, the assessed value of each homestead or farmstead is reduced by the amount of exclusion before the property tax is computed for property owners.  To receive the school property tax relief for tax years beginning July 1, 2018, or January 1, 2019, the form must be filed by the preceding March 1. You will be notified by your school district by December 31 of each year if your property is not approved for the homestead or farmstead exclusion or if your approval is due to expire. Once a property owner qualifies the approved application is good for three years.  You must request an application with your school district.

Homestead and Farmstead exclusion form

 Homestead and Farmstead Application Form

Property Tax Relief Via Property Tax Appeal

Is your real estate tax higher than you think it should be?  As a property owner you have the right to appeal it. To determine if your home’s county valuation is consistent with how the market is currently performing, and to see if an appeal is in order, you can contact us to request a market report for your home.  This valuation will help determine what the fair market value of your home should be.

Below are the deadlines to file your real estate tax appeal in Philadelphia County, and a link to additional information needed for the appeal:

Philadelphia County- First Monday in October

Form for appeal