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This study examines two interrelated issues. First, we examine the accuracy and uniformity of Philadelphia residential tax assessments (generally called a “ratio study”). Second, we examine how racial, ethnic, and economic demographics interact with those assessments (an “equity study”). This ratio study examines assessed values of residential properties, with one to four units, certified by the Office of Property Assessment (OPA) for the 2023 tax year. The 2023 assessments represent the first citywide re-assessment since 2019.

Selected findings (using two different data reflective of properties in Philadelphia):

  1. The median assessment ratio for residential properties in Philadelphia is close to where it should be, regardless of which dataset is used.
  2.  The average variation in assessments around the citywide median ratio exceeds IAAO standards when evaluated with Reinvestment Fund Sales and just barely meets the standard using OPA Sales.
  3. For the city as a whole, regardless of which dataset is used, low value residential properties are over assessed relative to higher value properties at a rate that exceeds the IAAO standard.
  4. Neighborhoods that contain the largest shares of Black residents, Hispanic residents, and low-income residents are more likely to be inaccurately assessed, over assessed, and suffer from under assessment of high value properties relative to lower value properties. In other words, if a person lives in a neighborhood that has a higher percentage of Black, Hispanic or low-income residents, they are more likely to experience property assessments that are not uniform and are disadvantageous to owners of lower value properties.

Learn more about our Housing Research and Analysis here

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