Key Takeaways: Distressed Real Estate in Pennsylvania-Real Property Value Appeals and Realty Transfer Tax Challenges
Partners Larry Arem and Matt McHugh recently gave a presentation on Distressed Real Estate in Pennsylvania-Real Property Value Appeals and Realty Transfer Tax Challenges. Below, you can read a high-level recap of the presentation with key takeaways and/or view the presentation recording.
09.11.23
Key takeaways include:
- The importance of adhering to statutory deadlines and submitting the appropriate forms.
- The requirement for an appraisal report to support an assessment appeal.
- The various valuation methods used in property evaluation.
- Property evaluation is more of an art than a science and requires a high level of expertise.
- The importance of staying informed about changing laws and policies.
A comprehensive discussion was held during the presentation on real estate tax assessment appeals in the Commonwealth of Pennsylvania. Larry and Matt focused on the three types of appeals, including:
- Annual appeals.
- Interim appeals.
- Exemption appeals.
Reminder: The deadline for filing property tax assessment appeals in Philadelphia is October 2, 2023. No appeals can be filed for 2024 after that deadline, except late-year purchasers have a limited extension.
Overall, the presentation provided in-depth knowledge and practical insights into the complex world of real estate tax assessment appeals in Pennsylvania.
For more details, read our recent client alert or watch the presentation, “Distressed Real Estate in Pennsylvania-Real Property Value Appeals and Realty Transfer Tax Challenges,” by Larry Arem and Matthew McHugh on Monday, July 17.
If you believe your property is materially under-assessed or receive a notice of an appeal filed by a school district, don’t hesitate to contact a member of our tax appeals group to discuss how to move forward.