Introduction
Real estate taxes are an important part of owning property in Philadelphia. If you own property in the city, you are responsible for paying these taxes every year. In this article, we will discuss everything you need to know about real estate taxes in Philadelphia in 2023.
Assessment Process
The assessment process for real estate taxes in Philadelphia is conducted by the Office of Property Assessment (OPA). The OPA determines the value of your property and assigns a tax rate based on that value. The tax rate is then multiplied by the assessed value of your property to determine your annual tax bill.
It is important to note that the assessed value of your property can change from year to year. This can happen due to changes in the market, renovations or improvements to your property, or other factors that may affect its value.
Tax Rates
The tax rate for real estate in Philadelphia varies depending on the area in which your property is located. In 2023, the tax rate for properties in Center City and University City is expected to be 1.3998%. The tax rate for properties in other areas of the city is expected to be 0.6317%.
It is important to note that tax rates can change from year to year, so it is important to keep up to date with the latest information from the OPA.
Exemptions and Abatements
There are some exemptions and abatements available for real estate taxes in Philadelphia. These include the Homestead Exemption, which provides a reduction in the assessed value of your property, and the Longtime Owner-Occupants Program, which provides a freeze on the assessed value of your property.
Additionally, there are abatements available for certain types of properties, such as new construction or renovations to existing properties. These abatements can provide significant savings on your annual tax bill.
Payment Options
Real estate taxes in Philadelphia can be paid in a variety of ways. You can pay online, by mail, in person, or through a payment plan. It is important to note that there are penalties for late payments, so it is important to pay your taxes on time.
Appeals Process
If you disagree with the assessed value of your property or the tax rate assigned to it, you can appeal the decision. The appeals process is handled by the Board of Revision of Taxes (BRT). You can file an appeal online or in person.
Conclusion
Real estate taxes in Philadelphia are an important part of owning property in the city. It is important to understand the assessment process, tax rates, exemptions and abatements, payment options, and appeals process in order to ensure that you are paying the correct amount of taxes on your property. By staying informed and up to date on the latest information from the OPA and BRT, you can ensure that you are in compliance with all tax laws and regulations in Philadelphia.
