New property tax assessments are coming in Philadelphia
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Illustration: Aïda Amer/Axios
Philadelphia is resuming property assessments after taking a year off.
Why it matters: Bigger bills are on the way for many property owners despite Mayor Cherelle Parker not proposing a citywide tax hike.
Driving the news: The city's Office of Property Assessment will complete new assessments for Philly's 580,000 properties later this spring, per the city's proposed five-year plan.
Yes, but: When property owners will get their new bills is TBD.
- The Parker administration declined Axios' questions about the new bills, including when they'll be issued and how much more the average residential property owner can expect to pay.
- While new assessments are typically issued in the spring, the Parker administration has pushed that back in the past. Property owners will again have the opportunity to appeal their new valuation.
By the numbers: The value of residential properties citywide is expected to rise 4.2% in the upcoming tax year, per the city's five-year plan.
- Meanwhile, commercial valuations are expected to remain flat.
- Overall, citywide assessed property values are on track to rise 3.59%.
Flashback: The Parker administration scrapped reassessments in 2025 as the city worked through roughly 20,000 appeals from the previous year.
State of play: The median close price for an attached home in Philly proper through Tuesday was $260,000 — up nearly 10% compared to the same time in 2024, a spokesperson for listing service Bright MLS tells Axios.
- For a detached home, the median closing price so far is $455,000, up 9% compared to two years ago.
Zoom in: An independent firm is expected to review this coming year's revaluations for accuracy, equity and methodology, per the city's five-year plan.
- The goal of the analysis is to strengthen oversight and promote public confidence. The findings will also inform future assessments.
Worth noting: Philly has a history of inequitable and inaccurate property assessments in recent years, which have led to reforms.
What's next: Officials from the city's Office of Property Assessment are expected to testify at a legislative budget hearing on April 21.