Tax Alert Update

Philadelphia Tax Alert

TO OUR CLIENTS AND FRIENDS,

This is an update to the last Tax Alert we issued a few months ago.  While some of the much talked about changes and issues are still uncertain, we do want you to know what to expect in the next few months.

In December, you will receive your 2013 Real Estate Tax bill, which is due as usual by the end of February, 2013 with a 1% discount, or in full by the end of March, 2013.  Almost everyone’s tax bill will  be the same as last year, since a new state law requires the assessed property values to be the same as in tax year 2011.  Your tax bill cannot be appealed, as the deadline for appeals was October 1, 2012.

In February, 2013, you should receive notice of your new property value assessment for tax year 2014, which is to be based upon  the long anticipated Actual Value Initiative.  This is the result of the City wide reassessment of all 565,000 properties in Philadelphia.  If you do not agree with that reassessment, or have any questions, contact us for advice (David Fineman at (215) 893-8701  dfineman@finemanlawfirm.com  or Gary Krimstock at (215) 893-8722 gkrimstock@finemanlawfirm.com).

If you have already filed an application for a Homestead Exemption for your primary residence, or if you do so shortly, your notice of reassessment in February, 2013 should reflect that Exemption.  Note that the Homestead Exemption does not apply to 2013 taxes, since it will only be implemented beginning with the 2014 tax year.