Fox Rothschild’s Real Estate Practice Has Issued the Following AlertAugust 2007 – Alerts Real Estate Practice Alert
Starting August 13, 2007, the City of Philadelphia mailed approximately 400,000 notices to City taxpayers, informing them of increased real estate assessments, which will result in increases to their 2008 real estate tax bill. Ten times as many City taxpayers will face increases next year, as compared with the last several years.
It is essential that Philadelphia property owners who receive assessment notices immediately start the process to determine whether an appeal makes sense. THE DEADLINE FOR SUBMITTING APPEALS IS MONDAY, OCTOBER 1, 2007. Factors that will determine whether an appeal should be filed include recent sales of comparable surrounding properties, whether revenue producing properties are fully leased and whether leases will expire shortly, and recent changes in use of nearby properties.
Also, tenants need to determine whether their leases permit them to instruct the owner to appeal a tax increase. Buyers and sellers under pending agreements of sale should review their respective rights and responsibilities in the face of an assessment increase notice.
For questions or assistance with regard to a tax assessment notice from the City of Philadelphia, please contact William Martin via email at [email protected] or phone at 215.299.2865 in Philadelphia, Pennsylvania.