Why does the city say I can appeal an "inequitable" assessment?
Taxipedia is answering people's questions about Philadelphia's property reassessment. Today, we're tackling one from Suzanne Milbourne:
In its letter to property owners, the city says you can request a review of your assessment if "the estimated market value of your property is accurate, but inequitable." What does that mean?
If your new assessment accurately reflects what your property would sell for, but you discover that comparable properties around you have significantly different assessments, you can argue that yours is inequitable.
For example, if you get a $250,000 assessment but all your neighbors with similar homes are assessed at $200,000, you might appeal and get a reduced assessment this year.
It's also entirely possible that next year, all the homes' assessments will rise, eliminating equity argument.