The City has requested reconsideration by the State Tax Equalization Board and a decision is expected over the next several weeks. However, it seems likely that STEB will not dramatically change the Common Level Ratio for Philadelphia County, as it was based on full and complete data regarding real estate sales at the time it was published last summer.
The decision of the Board of Revision of Taxes today, as well as STEB’s prior finding, should provide additional motivation for the City of Philadelphia to move toward full or actual valuation of all properties as soon as possible. If they do move in that direction, it should assist the City in having more uniform and equitable assessments for all property owners.
For questions or follow-up regarding this client alert, please feel free to call Carl Primavera (215-569-1663) or Nicole Faux (215-569-4539).