Philadelphia’s Office of Property Assessment will soon release property value reassessments for 2023. This is the city’s first reassessment since 2020 and comes after a boom in the residential real estate market, leading to increased home valuations that will be reflected in the new appraisals. To offset the anticipated tax burden, Mayor Jim Kenney has proposed a reduction in the Philadelphia wage tax, a boost to the Homestead Exemption and changes to other city programs to expand tax relief to home owners and renters.
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