A recently proposed budget package would cut a planned increase to Philadelphia Property taxes.
Nobody likes it when property taxes go up. Residents of Philadelphia recently grumbled over a proposed 4.1% increase that threatened to spike their property taxes this year. However, a recent budget package would nix that increase.
The package would provide about $605 million in new school district funding over the next five years. The goal of the property tax increase was to close the $630 million budget deficit for Philadelphia public schools.
The news is particularly welcome seeing as Philadelphia property taxes were already expected to be higher this year. The Office of Property Assessment’s new figures place the median value of a Philadelphia home at $128,100. This is an increase of $15,000 from the previous analysis. Across the city, assessed home values grew by an average of 11%.
These numbers represented an average increase of $615 on median-value homes and potentially much more for homes valued higher.
Philadelphia property taxes weren’t the only thing considered in the budget. However, the proposed increase drew harsh backlash that the city council worked quickly to come up with alternative solutions.
Other provisions of the proposed budget package include:
- A slowdown in scheduled wage tax reductions that would raise $340 million
- A city grant increase that would raise $100 million
- Reductions in the Department of Prisons budget that would yield $95 million
- Sequestration to collect additional revenue from tax-delinquent property owners that would raise up to $93 million (due to an uptick in the collection rate)
It remains to be seen whether or not the measure will pass. However, the package has preliminary approval from the city council.
Property taxes may be the worst part about owning a home. It’s even worse when your assessment comes due only to find your home’s value has increased. Of course, having a high value home can be a good thing if you’re looking to sell. However, a city or county’s assessment is not always an indication of what your home’s final sale price will be.
Location matters when it comes to property taxes and cost of living expenses in general. If the Philadelphia property taxes are too high, it may be time to consider looking to move elsewhere.
City vs City is a powerful cost of living calculator which uses real, local data to assess the cost of living expenses in your city. What’s more, users can compare their cost of living with another city and see how they would change.
See below for a demonstration.
If you’re looking to move, don’t make a move without downloading City vs City first.