David A. Schneider
Partner
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05.25.2022
Client Advisories
Philadelphia Property Reassessments for Tax Year 2023
The Philadelphia Office of Property Assessment is implementing a citywide reassessment of more than 580,000 properties in Philadelphia to take effect tax year 2023. According to the City, the reassessment found that the aggregate value of all properties in Philadelphia has risen by approximately 21 percent since tax year 2020. The City expects the reassessment increases will result in higher property taxes and projected $460 million in additional tax revenues to its General Fund over the next five-year period.
07.14.2021
Client Advisories
State Tax Equalization Board Releases 2020 Common Level Ratios
The State Tax Equalization Board (STEB) has released its Common Level Ratio (CLR) of assessed value to market value for each county in Pennsylvania for calendar year 2020 (applicable to tax appeals filed in 2021 for tax year 2022). The CLR can be used to convert fair market values into assessed values in conjunction with property tax appeals, subject to a taxpayer’s right to claim a lower ratio to reflect the same level of assessed value to fair market value for similarly situated property. The 2020 CLRs can be viewed here.
09.25.2020
Client Advisories
Philadelphia to Forego Property Reassessments for Tax Year 2022
Philadelphia taxpayers whose property values have dropped due to COVID-19 will not receive property tax relief through planned reassessments. Instead, they will have to file tax appeals in 2020 and 2021 to reduce their property tax assessments. This is because planned citywide reassessments have been cancelled for the next two years.