How Real Estate Taxes Work in Philadelphia (Pre-AVI)

2012 How Real Estate Taxes Work in Philadelphia (Pre-AVI) Current Tax Rate: 9.432% (Set by the Mayor & City Council) REFORM COMMISSION 5.309% goes to The School District of Philadelphia OF 4.123% goes to The City of Philadelphia O TA Property Assessment: Office of O Property Assessment "ISlales comparison, property rental income and cost/depreciation. 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 value are then made for known differences, resulting in a fair market value." - via OPA Website (opa.phila.gov) 32% of a property's market value. 1 Taxes are assessed on For Example: $150,000 x 0.32 x 0.09432 - $4527.36 tax rate property taxes assessment ratio market value In 2012, a Philadelphia home with a Market Value of $150,000 is currently assessed $4527.36 in property taxes. The way your property taxes are calculated will soon change, though. The City of Philadelphia will be moving to property assessments based on Actual Values for Tax Year 2014 12 1 11 y-12- 10 9: Don't wait until the last minute to learn how this will affect you. Your tax burden may change significantly. For more information about AVI, visit the Office of Property Assessment's website: http://opa.phila.gov/ Developed By: RealEstateAttorneyPA.com This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. BLPH PHILADE HE GIT SCHOOL DISTRICT OF FHLADELPHIA THE RO