Taxipedia is answering people’s questions about Philadelphia’s property reassessment. Today, we’re tackling one from Mike Basanti: How will property values will be set/adjusted in the future? Will property values change every year, or when property is bought and sold?
The plan is that every property will be reassessed every year, from now on.
Marisa Waxman of the Office of Property Assessment says the city is determined to do that so values don’t get so out of whack in the future. in theory, that process along with appeals from property owners should make the values more and more accurate over time.
The sale of a property won’t trigger an immediate reassessment, but it will be reassessed anyway within a year like everyone else’s. And the reassessment won’t necessarily match the sale price, Waxman said. It will be among the factors considered along with sales of other comparable properties in the area.