State Assessment Law mandates that the Office of Property Assessment consider three approaches in developing market values:
For residential properties, the sales comparison approach is most frequently used. This method compares recently sold, reasonably similar properties within a short distance of a specific property or block. Adjustments to values are then made for known differences, resulting in a fair market value.
The assessed value is the basis used by the City and the School District to determine your Real Estate Taxes.
MARKET VALUE (MV)
x PRE-DETERMINED ASSESSMENT RATIO (PDR)
= ASSESSED VALUE (AV)
x TAX RATE (TR)
= REAL ESTATE TAXES (RET)
Example: $50,000 (MV)
x .32 *(PDR)
= $16,000 (AV)
= $ 1,563.36
The Evaluator does not set the tax rate. The Evaluator analyzes the market and utilizes the Office of Property Assessment’s valuation systems to determine the market value of your property.
*This is the current Predetermined Ratio and Tax Rate. The Predetermined Ratio and Tax Rate may change on an annual basis.
A housing cooperative is when people own and operate the building where they live, but do not own individual units—forming a cooperative corporation. The corporation owns the actual building and people pay the right to occupy a unit within the co-op. (The unit is usually referred to as "your apartment.")
If each month you pay an amount that covers your share of the expenses of the co-op—and pay all or a portion of your real estate taxes jointly through a management agent or association, rather than paying your taxes separately from other units, then you most likely live in a co-op.
Visit the Department of Records for additional information or call 215-686-2260.
It is your responsibility to complete the required steps to put the title of the property into your name. Assuming you are otherwise eligible, you will conditionally receive the Homestead Exemption for no more than three (3) years from the date of your application. At the end of those three years, the Homestead Exemption will be revoked if you have not had the title transferred into your name and you will not be able to reapply until you are the owner listed on the deed.
If you do not want a First Level Review or you are not satisfied that the assessed value is correct after the First Level Review process, you may file an appeal with the Board of Revision of Taxes. Formal appeals are due by the first Monday in October 2013.
Get more information about these programs.