Wednesday, August 27, 2014
Inquirer Daily News

How to calculate your new Philly property taxes

By now you've probably heard that the mayor and City Council are in the midst of debating a property tax reassessment. Under this new plan, some people will pay more in property taxes, while others will pay less. But we know the primary concern of most Philadelphians is probably not policy issues — it's how much they'll have to pay in property taxes once the new assessments kick in.

How to calculate your new Philly property taxes

The reassessment could dramatically change your property tax bill — for better or worse.
The reassessment could dramatically change your property tax bill — for better or worse. Image courtesy of Shutterstock

By now you've probably heard that the mayor and City Council are in the midst of debating a property tax reassessment. Under this new plan, some people will pay more in property taxes, while others will pay less. But we know the primary concern of most Philadelphians is probably not policy issues — it's how much they'll have to pay in property taxes once the new assessments kick in.

City Council hasn't finalized its property tax plan yet, but enough information has emerged for you to make a preliminary estimate at what you'll be paying after the reassessment — if it passes.

On this week's It's Our Money podcast, we walk you through the calculations. We want to stress that this is still speculation. But it's educated speculation. If you want to see these numbers in print, check out Philly Clout's rundown.

About this blog
Every year, city government spends slightly more than $4 billion. Where does all that money come from? More importantly, where does it go? Are we getting the most bang for our tax buck? “It's Our Money” is a joint project between Philadelphia Daily News and WHYY, funded by the William Penn Foundation, designed to answer these questions.

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Holly Otterbein:
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