Real Estate Tax Assessment Appeal Deadline Approaching

Those property owners who think the real estate tax assessment proposed by the Office of Property Assessment (OPA) of their property for the 2021 tax year is too high should avail themselves of the opportunity to file such an appeal to the Board of Revision of Taxes (BRT) as soon as possible.

How to Calculate Your Property’s Real Estate Tax 2021

Every piece of real estate in Philadelphia is assessed as a value by the OPA. The real estate taxes property owners pay is based on this assessment. A property’s real estate tax is found by multiplying its assessed value by the tax rate, which is currently 1.3998% for 2021. 

How to Challenge Your Property’s Real Estate Tax Assessment

If you do not want to pay for an independent appraisal, you could reach out to your real estate agent or even go on Zillow, which can give you a rough estimate of the property’s value. You could also visit the Office of Property Assessment’s website to discover what the City has assessed neighboring properties. There, you can see what your neighbors recently purchased their property for as well.

You also have the option to appeal the proposed assessed value to the City of Philadelphia’s Board of Revision of Taxes. This requires the same information and documentation as the First Level Review process, which was due earlier this year.

The Risks with Challenging Your Property’s Real Estate Tax Assessment

Unfortunately, there are also risks to challenging your property’s assessment. A property’s fair market value is sometimes greater than the City’s proposed assessment.   If you challenge the City’s assessment, you are opening the door to a full review of the property’s value and running the risk that the City actually increases the assessment. 

Read our case study on how we helped a business owner saved almost $55,000 in property taxes.

The materials and information contained in this article have been prepared solely for general informational purposes and do not constitute legal advice. You should consult with an attorney for a real estate matter you are currently encountering. If you have any questions about your property tax situation, please feel free to contact us at info@nochumson.com and an attorney at Nochumson P.C. will immediately reach out to you to schedule a free consultation.