City of Philadelphia’s move to Annual Reassessment finally implemented
In 2013 City of Philadelphia completed their first Reassessment of all Real Property in over 30 years. Prior to that, property owners were forced to determine the Fair Market Value of their assets by applying a Common Level Ratio that the State Board of Equalization determined annually. The ratio was based on sales that were compiled annually and ranged from as low as 11% to a high of 122%.
These ratios still apply throughout the rest of the State.
With the implementation of an “Actual Valuation Initiative” in 2012, the City’s plan was to conduct an annual reassessment, but the Office of Property Assessment and the Board of Revision of Taxes were inundated with appeals and the assessor’s office was unable to conduct a reassessment in 2015 or 2016.
By 2017, the City had recovered and was able to finally put systems in place to allow for an annual Reassessment.
With the annual reassessment now in place, the number of appeals the City processes each year should decline, costing the taxpayers less and also allowing property owners and developers to better plan and grow the City.
City of Philadelphia Tax Calendar
|Current assessment and lien date:||January 1, 2018 – Tax Year 2019|
|Next scheduled reappraisal:||Tax Year 2020 a value date of 1/1/2019 with notices mailed in April 2019|
|Assessor’s approaches to value:||Recent sale price of property, Sales Comparison, Income Approach, and Cost approach. The income approach predominates on stabilized income producing properties.|
|Tax payment deadlines:||On or before March 31st|
|Assessment Appeal Deadlines:||First Level Review (FLR), May 25th and the Board of Revision of Taxes (BRT) by the first Monday in October.|
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Mark BedfordBedfordbu-state-local-tax real-property-taxdata-center-taxationfinancial-due-diligencedevelopment-due-diligencesouthlakeatlantanashvillememphisSenior Vice President, Property Tax
Last updated on September 4th, 2019 at 04:42 pm