Philadelphia County will be issuing the new “Actual Value Initiative” reassessment figures to every Philadelphia property owner in February. These new assessments are to reflect the actual market value of the property. More specifically, actual market value is the price that would have been paid for the property February 1, 2013, if it was for sale on the open market.
Any taxpayer that disagrees with the new assessed value of the property may submit an informal review form, which will be included in the February 2013 mailing, to request an informal review by the Philadelphia Office of Property Assessment (“OPA”). The form will offer an opportunity to the property owner to provide information to the OPA for consideration. The OPA will then determine if an adjustment in the assessment is warranted. If a taxpayer still believes that the assessed value is incorrect after the informal review process, the next step is to file an appeal with the Philadelphia Board of Revision of Taxes before the annual appeal deadline (October 7, 2013).
We are well prepared to assist you in evaluating the tax implications of the reassessment figure you receive, and whether an appeal is warranted. Please contact the authors if you have any questions regarding this matter.
Client Alert 2013-028