Are you worried about about your property taxes going up? Should you be nervous?
On this week’s It’s Our Money podcast, Holly Otterbein explains to a nervous Doron Taussig that the city’s property tax reassessment — Philadelphia’s effort to fix its broken property tax system by appropriately valuing all its properties — will cause some folks’ taxes to go up, and others to go down.
But because of timing issues, home owners might not know how their taxes are changing until after Council has set the tax rate for the year. That means home owners won’t get a chance to debate the change before it’s set in stone.
Check out the It’s Our Money podcast, and find more at www.ourmoneyphilly.com.
It’s Our Money is a joint project of the Daily News and WHYY, funded by the William Penn Foundation. We work to shed light on where your tax dollars are going.