Philadelphia has property taxes: each parcel and building in town is worth something, and the City of Philadelphia wants a cut of that worth – a cut of property value. When the price of your house goes up, the City of Philadelphia wants a cut of that increased value. To figure out how much the value of your house might have increased, the Office of Property Assessment (OPA) estimates the price of every parcel and building in all 143 square miles of Philly. This is the entire point of the department, right in the name: a property assessment. If their latest assessment of your house’s value is higher than previously estimated, Philadelphia will raise your property tax.
So far, so good. And normal enough: Philadelphia isn’t the only city in America with a property tax system, and property has been taxed since way before the American Revolution. But this year’s assessment isn’t going so hot, for a few reasons:
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