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Facing Philly's Property Tax? Don't Let It Leave You Cheesesteak-less!
Let's face it, Philly. We love our city of brotherly love, cheesesteaks, and Rocky-esque determination. But let's be honest, that real estate tax bill can leave you feeling a little less triumphant. Fear not, fellow Philadelphians! This post will break down the City of Brotherly Love's property tax rate like a pro explains a soft pretzel.
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| What is Philadelphia Real Estate Tax Rate |
The Big Enchilada: What's the Rate?
Drumroll please... Philadelphia's real estate tax rate is currently 1.3998%. That means for every $100,000 of assessed value on your property, you'll pay roughly $1,400 a year in taxes. But that's not the whole story!
Hold on to Your Hoagie! Here's What You Need to Know:
- Exemptions are Your BFF: Philly offers a Homestead Exemption, which can shave a cool $80,000 off your assessed value. That translates to some serious savings, so don't miss out on this freebie!
- Market Matters: The rate is applied to the assessed value of your property, which should reflect its current market value. Think of it as your house's "worth on paper."
- Taxes for Schools, Too: A portion of your property tax goes towards funding the School District of Philadelphia.
Feeling a Little Lost? We've Got You Covered
Here's a quick recap:
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- Tax Rate: 1.3998% (as of June 2024)
- Apply for the Homestead Exemption! It's free money, people!
- Your property's assessed value matters.
Phew! That wasn't so bad, right? Now you can go back to enjoying your Tastykakes and cheering on the Eagles (Fly Eagles Fly!).
FAQs: Property Tax Edition
- How to Find Out My Property's Assessed Value? You can check online through the City of Philadelphia Department of Records https://www.phila.gov/services/property-lots-housing/property-taxes/.
- How to Apply for the Homestead Exemption? It's a breeze! You can apply online through the City website https://www.phila.gov/services/property-lots-housing/property-taxes/.
- How Often is My Property Reassessed? Generally, Philadelphia reassesses properties every three years.
- How to Contest My Property's Assessed Value? If you think your property's value is too high, you can file an appeal with the Board of Revision of Taxes https://www.phila.gov/services/property-lots-housing/property-taxes/.
- How to Pay My Property Tax? You have options! You can pay online, by phone, or in person. Check the City website for details https://www.phila.gov/services/property-lots-housing/property-taxes/.
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