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Updated almost 4 years ago on . Most recent reply

User Stats

11
Posts
5
Votes
Anthony Engel
  • Investor
  • Philadelphia, PA
5
Votes |
11
Posts

Timing of Phila Property Tax Reassessment after Resale?

Anthony Engel
  • Investor
  • Philadelphia, PA
Posted

How long should it take for the Phila OPA to reassess a property, single to 4-unit, after a resale? Is this a random event or is it triggered by a resale, if at all? For example, you purchased a property 5 years ago for 350K which you then resold last month for 575K. When looking for deals, I'm relying on property taxes from the prior year though I have no idea if Philly will reassess the value in 1, 3, 5 years or whenever.

  • Anthony Engel
  • Most Popular Reply

    Account Closed
    • Accountant
    • Philadelphia, PA
    210
    Votes |
    303
    Posts
    Account Closed
    • Accountant
    • Philadelphia, PA
    Replied

    I think they do it annually, but they skipped 2021, so next assessment notices will be 3/2022 in effect to 2023. I don't think a sale will trigger reassessment.

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