New Philly property assessments bring big tax hikes for some
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Property tax reassessments are back in Philly this year and, for many, that means higher bills — just don't call it a tax hike.
Why it matters: Even without raising the property tax rate, the city can collect more revenue as reassessments reflect rising property values.
Catch up quick: Mayor Cherelle Parker and City Council did not increase the city's property tax rate in the recent city budget.
The caveat: This new assessment round — based on current real estate market conditions and returning after a one-year hiatus — raised the average residential property value by 3.8%, per the administration.
What they're saying: "Politicians don't like raising taxes," says Brett Mandel, a former director of the financial and policy analysis unit in the city controller's office.
- "By setting the tax rate before the assessments are finalized, politicians get to avoid changing the tax rate but enjoy the increased revenue."
Flashback: Philly hasn't seen a true property tax rate hike since the Michael Nutter administration more than a decade ago.
- However, the city's uneven property assessments in more recent years have blindsided some property owners with big-time tax increases.
The other side: "Changes in assessed value are not the same as increases in property taxes," Parker spokesperson Joe Grace tells Axios.
- "Revaluations are performed to accurately assess the value of homes and ensure assessments are fair and up to date."
Here's how the assessments shook out:
⬆️ Higher assessments: The Kensington neighborhood saw the largest jump in average property values — 15.3%, per the Inquirer's analysis.
- Other big average jumps were in Mantua (15%), Grays Ferry (13%), Kingsessing (12%) and Manayunk (11%), per the outlet.
⬇️ Lower assessments: Neighborhoods that saw their values dip include Oak Lane/East Oak Lane (-4%), Mayfair (-3%) and University City (-0.6%), according to the Inquirer.
📈 1 notable stat: $277,100 is the average assessed value of a single-family home in Philly, up 4.6% since tax year 2025, per the Parker administration.
📬 You've got mail: The city began mailing out assessment notices at the end of June.
- You can also look up your new assessment on the city's website.
Between the lines: Philly's office sector continued to slide, with taxable values falling 0.9% since tax year 2026.
- The sector has struggled in recent years, with weak demand, steep discounts on building sales and a wave of office-to-apartment conversions.
- Yes, but: There have been positive signs of late, like Chubb's new Center City office building.
The city is moving ahead with reductions to its business and wage taxes.
What's next: Don't expect another round of reassessments next year.
- Grace says they'll likely be performed every other year.