The City of Philadelphia recently mailed out Notices of Proposed Valuation for Tax Year 2014. These assessments are based on the Actual Value Initiative (AVI), which was an ambitious overhaul attempt by the City to revalue all properties at fair market value. Property owners in Philadelphia should be receiving notices this week.
While the actual amount of real estate tax that a City of Philadelphia property owner will owe under the new property assessments is to be determined, there is still a way to estimate the amount of tax that might be owed. The AVI Calculator (http://avicalculator.phila.gov/) will allow you to enter your property’s address, which will reveal the proposed assessment, and then you can adjust the rate and exemption amounts to determine what the 2014 real estate tax may be. The City must still decide on homestead exemption amounts and the ultimate tax rate that will be applied to the assessed values before taxpayers will know their liabilities for certain.
If you are unsatisfied with the proposed market value on your Notice of Proposed Valuation, there is the opportunity for an initial review. If an application is made before March 31, 2013, the Office of Property Assessment (OPA) will do an informal review of your property. The OPA will ask for additional information about your property, and may decrease the valuation. However, the Office may ultimately increase your assessment even if you think the value is lower than initially proposed. If you are still not satisfied with the result after the initial review, then a formal appeal to the Board of Revision of Taxes (BRT) can be filed. The deadline for this appeal is October 7, 2013.
Please contact us if you would like to discuss your options regarding your Philadelphia property taxes!