PHILADELPHIA (KYW Newsradio) — The city has just wrapped up its first real estate reassessment in two years, and it’s going to result in higher bills for homeowners next year. Mayor Cherelle Parker on Monday said notices are being mailed out this week.
“Because of the reassessment, average residential property tax bills will go up next year by about $330,” said the mayor
Parker pointed out that the tax rate did not change, but that homeowners could see higher tax bills as property values rise.
“The revaluation process, again, is required by law and it’s an important part of how the City of Philadelphia keeps property values fair and equitable and accurate,” she said.
The city this year raised the homestead exemption and established a new tax relief program for low-income homeowners. Parker said the city would soon launch a $1 million advertising and door-to-door campaign to make eligible homeowners aware of these and other programs to reduce their tax bills.
In the meantime, there are resources available at phila.gov.