The City of Philadelphia’s Office of Property Assessment (OPA) recently announced a reassessment of city properties for Tax Year 2023. An independent report from the primary publisher, educator, and leader of standards in mass appraisal and administration found that the newly released reassessment of properties in Philadelphia meets industry standards for key mass appraisal statistics.
The report by the International Association of Assessing Officers (IAAO) found that both the Coefficient of Dispersion (COD), which measures the uniformity of assessments, and the Price Related Differential (PRD), which measures equity in high versus low valued properties, the Tax Year 2023 reassessment is within recommended ranges. The full IAAO report is available online.
OPA retained the IAAO as part of this year’s reassessment process to review and provide feedback on OPA’s reassessment work. The study and the Tax Year 2023 reassessment results were released earlier this month.
As a result of the reassessment, new values of more than 580,000 residential, commercial, industrial, and institutional properties in Philadelphia are to take effect for Tax Year 2023, with property taxes due on March 31, 2023. Citywide reassessments scheduled for Tax Years 2021 and 2022 were postponed due to the operational issues posed by the implementation of CAMA (TY21) and the COVID-19 pandemic (TY22).
The new values are available online at property.phila.gov. Written notices of the new values are scheduled to be mailed out no later than September 1, 2022.