After years of using the common level ratio (CLR) of 32%, for tax year 2012 the State Equalization Board has proposed that the City of Philadelphia use the CLR of 18.1%. This will cause a dramatic 77% increase in the assessor’s market value of all properties within the City limits. 2011 saw an 11% increase in the tax rate, and the City Council recently voted for another increase of 3.85% for the 2012 tax year.
With two years of tax increases, and now a change in market value, we urge all who own real estate in the City to contact Peter Stork at (215) 606-6263, to discuss properties that may be overvalued in the City of Philadelphia.
The deadline to file an appeal for 2012 is October 3rd.
A long awaited City wide revaluation for Tax year 2013 is proposed but it it is unclear if the city will enact the revaluation.