The deadline for appealing your 2021 Philadelphia real estate taxes is Monday, October 5, 2020. There are several factors to consider in determining whether to appeal.
In Philadelphia, property taxes are based on the market value of your property. Every year, the City assesses what it believes to be the market value of each property in the City. A property owner has the right to appeal that assessment if the owner thinks the City’s number is greater than the market value of the property.
COVID-19 continues to affect many aspects of our economy, including property values. The retail, restaurant, hospitality, entertainment, and travel industries have been particularly hard hit. Decreased revenue streams, increased investment risk, and investor uncertainty have driven property values down.
Philadelphia issued its market value assessments for 2021 before the effects of COVID-19 and its related shutdowns were fully known. So many assessed values do not take into account any decrease in market value caused by COVID-19. Commercial property owners in Philadelphia should consider whether COVID-19 has affected the market value of their properties. In some cases, an appeal may be warranted.
Ballard Spahr attorneys have a record of achieving favorable outcomes in Philadelphia tax appeals. We are happy to help property owners assess their portfolios and decide if an appeal is a good option.
Read more about our tax appeal initiative here.
If you have questions, contact any member of our team: Matt McClure, Brian LaCorte, Phil Korb, Michael Sklaroff, Wendi Kotzen, Jennifer Feden, Nathan Farris, or Dina Bleckman.