April 13, 2018
Philadelphia Tax Appeals Lawyers Discuss Recent Reassessments Philadelphia Properties
Commercial, industrial, and institutional property owners in Philadelphia may be in for a shock as notices of property value reassessment begin to come in this month. The reassessment includes many of Philadelphia’s most valuable properties, including hotels, apartment buildings, and office buildings. It also includes other retail properties such as shopping centers, big-box stores, warehouses, commercially zoned vacant land, and properties with multiple uses.
The reassessment was performed under the direction of the controversial Actual Value Initiative (AVI) of 2014. The goal of the city is to ensure that assessed values more accurately reflect sales and market forces, and to reduce inequities among comparable properties so that similar properties have comparable assessments. The new taxable property values are the result of a citywide reassessment for tax year 2019.
Many Philadelphia property owners affected by the measure are rightfully concerned about how the new tax assessment will impact their business. Many properties will see a rise in taxable property value, with some marking an increase as high as 50 percent. The new property values will take effect for Tax Year 2019, with property taxes due on February 28 of that year.
If you feel that your property has been inaccurately assessed, contact the Philadelphia real estate tax appeals lawyers at Fineman Krekstein & Harris at 215-893-9300, or contact us online for an evaluation of your case. We have a history of success in obtaining significant tax savings for our clients. Our offices are conveniently located in Center City Philadelphia and we represent clients throughout Pennsylvania.
For more information, please contact:
S. David Fineman
Joshua B. Horvitz