In February, the Philadelphia Office of Property Assessment (“OPA”) issued new “Actual Value Initiative” reassessments for every property in Philadelphia. Property owners were given the chance to file an informal appeal. If you received a reassessment and the informal appeal process did not result in satisfactory relief, or if you skipped the informal process altogether and believe that your reassessment is too high, you may file a formal appeal on or before October 7, 2013.

The intention of the “Actual Value Initiative” was to value each parcel to reflect the actual market value of the property as of February 1, 2013. This initiative came on the heels of many months of confusion over common level ratios, rulings by the State Tax Equalization Board, and eventual state legislation over the ratios. The reassessment as a result of this initiative has taken all the mystery over ratios out of the process. Because each property has been reassessed, property owners should examine their notices closely to make sure that the reassessed value represents the actual value of the property. If the reassessment is higher than the actual value of the property, an appeal may be warranted to reduce the amount of taxes that must be paid.