birt property assessment appeal income producing property

Member since 2023 · 3 posts · 0 votes

I have a duplex property in Philadelphia. both units are rented out. I trying to file for the assessment appeal with BIRT AND realized that for income producing propert, I will need to submit lease and income and expense statement.

Does my duplex consider a income producing property?

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Colleen F.Pro Member
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
1y
@Chris L. Your question is not clear. Your duplex Income and Expense statement would be submitted and Yes a duplex is an income producing property even if it is not producing income for you just show your losses if that is the case.
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Alan AsriantsBusiness Member
Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
1y
Yes your Duplex is an income producing property. Unfortunately the city of Philadelphia doesn't make life easy for landlords In your exact case - you are trying to appeal your taxes, but since it is a rental property, you need to provide more information...
Kind of ridiculous. But yes, you need to provide that info. Make sure to provide sales comps showing that the assessment of your property is too high. Provide as much info as possible. If denied, you might still have a shot at appealing. At that point might be worth talking to an attorney if you have a solid case.
My fathers triplex is worth around 400k on a good day, they gave it an assessment value of 700k, which increased their taxes by more than 3k in one year.
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