Philadelphia’s Office of Property Assessment will begin mailing new residential property assessments in the coming weeks, potentially by the end of June.
The valuations apply citywide and will feed into real estate tax bills that are paid annually on March 31.
Mailings Begin on New Citywide Assessments
Most properties are expected to see higher values, with some decreases.
The new numbers will appear both in mailed notices and online.
Prior coverage of citywide property reassessments and appeal timelines offers context for the volume of owner responses anticipated after notices land.
What Changed in Tax Math and Relief
City guidance on real estate tax rates, billing and relief programs confirms the 1.3998% rate remains unchanged since 2016 and stays the same in 2025.
The Homestead Exemption reduces assessed value by $100,000 starting in 2025, which saves most homeowners about $1,399 per year at the current rate.
LOOP can cap taxable value for eligible longtime owner-occupants, but it cannot be combined with Homestead.
Senior citizens who meet income limits can permanently freeze their bill, and a Low-Income Real Estate Tax Freeze is being developed that mirrors the senior program while focusing solely on income.
Program rules allow the Low-Income freeze to be paired with Homestead, while LOOP remains mutually exclusive with Homestead.
Operational Pressure Points for Rental Portfolios
Higher assessments raise expenses for non-owner-occupied units where owner-occupant relief does not apply.
In net leases, tax increases typically pass through to residents; in gross leases, owners absorb the change unless rents are reset, which can affect margins and renewal negotiations.
Based on the current rate, each $10,000 increase in assessed value adds $140 to the annual tax bill, a direct input to rent and budget models.
Leasing velocity can shift in submarkets where tax-driven rent adjustments outpace neighborhood comparables.
Managers handling escrowed mortgages may see servicers adjust monthly draws following reassessment, affecting owner cash flow and reserve planning.
Appeals and Payment Sequencing Affect Cash Flow
A First Level Review with OPA offers an informal check of the new value and typically must be submitted within about 60 days of notice.
A formal appeal to the Board of Revision of Taxes provides a hearing but can take 1 to 2 years; the state-imposed filing deadline is October 5th.
Owners are required to pay taxes on the current assessment while an appeal is pending, with a potential additional payment if the board sets a higher value.
Background on property tax assessments and relief options explains how valuation changes flow through to bills and outlines affordability programs.
Payment agreements are available for taxpayers who cannot pay in full.
What to Watch Next for Operators
OPA targets an end-of-June release for assessments, a timing pivot that will shape rent setting, marketing calendars, and maintenance budgets for 2025 and beyond.
Uptake of the Low-Income Real Estate Tax Freeze will influence how many owner-occupant units in mixed buildings see stabilized bills.
Because LOOP and Homestead cannot be combined, eligibility decisions by owner-occupants in smaller multifamily properties may affect rent trajectories and expense recovery within those assets.