David A. Schneider
Partner
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08.09.2024
Client Advisories
Philadelphia Property Reassessments for Tax Year 2025
The Philadelphia Office of Property Assessment has completed a citywide reassessment of more than 580,000 properties in Philadelphia to take effect tax year 2025. According to City assessment data, the aggregate value of all properties in Philadelphia has risen by more than 13 percent since tax year 2023.
04.25.2024
Client Advisories
State Tax Equalization Board Releases 2023 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 2023 (applicable to tax appeals filed for tax year 2025). 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 2023 CLRs can be viewed here.
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.