Philadelphia, PA is undergoing its first city-wide property reassessment since 2019. Reassessment delays were the result of issues in implementing the city’s new Computer Assisted Mass Appraisal System (CAMA). Delays were also caused by the pandemic-related government shutdown. New values will be available online beginning Monday, May 9, 2022.
With the aftermath of COVID-related tax cuts and respective reconciliation efforts at the forefront of many assessor’s offices across the country, commercial real estate owners and investors are seeing large value increases nationwide, particularly in reassessment periods, that result in bottom-line-threatening tax bills moving forward. Philadelphia, PA will be no exception. Thus far, the average increase for commercial properties during this reassessment period is 21%. The values presented will be for tax year 2023 and will be the basis for property tax bills due for payment on March 31, 2023.
Notices are scheduled to be mailed by September 1, 2022 with an appeal deadline of October 3, 2022. Invoke Tax Partners strongly recommends a proactive approach to reassessment value, beginning as soon as reassessment values become available online, to ensure the most accurate final value in October and reasonable property tax bills moving forward. Our team of Philadelphia property tax professionals, led by Jack Nash, has decades of experience navigating the complex nuances of reassessments, and specializes in securing maximum tax savings for complex commercial real estate portfolios. Our approach is personal, hands-on, effective, and has proven to help our clients save millions of dollars in value assessments and property tax refunds year-after-year.
For more information, or to schedule a complimentary review of your Philadelphia reassessment, contact Jack Nash in our Philadelphia, PA office:
