The city of Philadelphia is expected to begin issuing 2023 real estate tax assessment values later this month, after pausing the practice from 2020 to 2022 because of disruptions from the pandemic. Mayor Jim Kenney recently released his budget proposal to City Council, stating there would be no tax rate increase, yet he expects a 4.5% increase in property tax revenue as a result of the reassessment of underlying property values. City Council has stated it will be watching the rollout of the new reassessments to ensure fair and accurate data utilization for property owners.
The local property tax experts in Ryan’s Philadelphia office are continually monitoring the city website for the new values. The Ryan team is available to work with property owners on a comprehensive range of proactive strategies designed to address the reassessment and implement tax mitigation strategies. If you would like to learn more about how Ryan can assist you, please contact one of our local offices today.
TECHNICAL INFORMATION CONTACTS:
Kurt Lieberman
Principal
Ryan
215.405.0410
kurt.lieberman@ryan.com
Renee Bell
Director
Ryan
215.253.6664
renee.bell@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.