A revamped system of assessing property taxes in Philadelphia has some experts worried that the recovery in the local real estate industry will come to a screeching halt.
A commercial real estate owner's successful efforts to reduce his property taxes could cost public agencies in Philadelphia dearly.
The $487 million that the city of Philadelphia plans to receive from real estate taxes could be in jeopardy with new information from the State Tax Equalization Board. The state's property-tax watchdog evaluates each county's assessment of real estate and found that Philadelphia has expensive discrepancies.
Real estate throughout the country doesn't have the value it once did. School districts, dependent on property taxes to fund education, are struggling to hold onto tax monies under old assessment values. In Montgomery County, Pennsylvania, two school districts are in a nail-biting commercial property tax dispute with one large taxpayer - GlaxoSmithKline.