The average Philadelphia homeowner will see their property tax bill increase by $330 this year, Mayor Cherelle L. Parker’s administration announced as her office prepares to release the first citywide real estate reassessment in two years. The city will mail reassessment notices to property owners in early August, and the new valuations will be searchable on the city’s website. Tax bills are due March 31, 2025, and the average homeowner’s bill will be about $2,300, assuming they are signed up for the homestead exemption. The real estate tax rate is 1.3998% of a property’s taxable assessed value. Parker and city council left the rate unchanged, but tax bills increase when assessments go up as property values grow over time. The overall value of residential properties, which make up a vast majority of the parcels, increased 19% under new values. To combat the expected increase in assessments, council proposed and Parker agreed to raise the homestead exemption, which reduces the assessed value of owner-occupied properties, from $80,000 to $100,000. Council also created a new relief program for low-income homeowners that freezes property tax bills for individuals who make less than $33,500 annually and married couples who make less than $41,500. Read more at PlanPhilly.
Source: PlanPhilly; 8/5/2024 & Philadelphia Inquirer; 8/6/2024