Philly Homeowners Set to Face New Property Assessments

Philly Homeowners Face New Property Assessments as Tax Appeals Window Nears

Philadelphia homeowners are about to receive updated property assessments that will determine how much they pay in real estate taxes next year, and for many residents, those valuations are expected to rise.

The city has completed a new round of property revaluations for every property in Philadelphia, the first citywide reassessment in more than two years. According to WHYY, most homeowners will likely see higher valuations when notices begin arriving in the coming weeks, potentially by the end of June.

Those new assessments will be used to calculate property tax bills due in March 2027, meaning residents who believe their values are inaccurate have only a limited window to challenge them.

Two ways homeowners can appeal

Residents who think their assessment is too high can pursue two free options.

The first is a First Level Review through the Office of Property Assessment, an informal process in which the city reexamines the valuation and any supporting documentation submitted by the homeowner. A form for that review will be included with the assessment notice, and property owners typically have 60 days to respond.

The second is a formal appeal through the Board of Revision of Taxes, which allows homeowners to argue their case at a hearing before a third party. That route can take a year or two to resolve, but it offers a more formal challenge to the city’s valuation. This year’s deadline to file that appeal is Oct. 5.

Legal advocates say homeowners do not need to choose just one process.

Relief programs may soften the blow

For residents whose assessments are accurate but unaffordable, the city offers several tax-relief programs.

The most widely available is the homestead exemption, which reduces a home’s taxable assessed value by $100,000 for eligible owner-occupants, regardless of income.

Other options include the Longtime Owner Occupants Program, or LOOP, which can cap taxable value increases for longtime homeowners who meet income and residency requirements, and tax freeze programs for seniors and lower-income residents.

The Senior Citizen Real Estate Tax Freeze allows qualifying older homeowners to permanently cap their tax bill, while the Low-Income Real Estate Tax Freeze offers a similar benefit based on income alone and can be paired with the homestead exemption.

Why it matters

Philadelphia’s property assessment system is designed to reflect market value, but even accurate assessments can create financial strain in a city where housing costs and tax burdens remain a major concern. With most valuations expected to increase, thousands of homeowners may soon be weighing whether to appeal, apply for relief, or brace for larger tax bills next spring.

Philly Homeowners Face New Property Assessments as Tax Appeals Window Nears was originally published on rnbphilly.com