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Overpaying Philadelphia Property Taxes?

The State Tax Equalization Board reduced that the 2012 common level tax rate for property in Philadelphia to 18.1% for the first time in decades. However, Philadelphia continues to use an assessment rate of 32%, which appears to violate Pennsylvania law. The Pennsylvania General County Assessment Law provides that there cannot be more than a 15% difference between the common assessment level rate and the county’s Established Predetermined Ratio . 72 P.S. § 5020-511(c).  The Philadelphia Tax Review Board yesterday agreed; it reduced a parking lot owner’s tax  bill by 44%. While Philadelphia intends to appeal the board’s decision to the Court of Common Pleas, more than 100 property owners have filed appeals of their 2012 tax assessment bill.  If you own property in Philadelphia, you may have been overpaying your property tax.   Call me for a free consultation at 215-242-5260 or email me at http://mckeeoffice.com/blog2/contact-us/