Activities Related to Real Estate Forms for Philadelphia
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FAQ
Each county assigns an assessed value for a property based on a ratio (known as the common-level ratio) of a base year. Only during the base year does the assessed value of a property typically equal the fair market value.
The amount of Real Estate Tax you owe is determined by the value of your property, as assessed by the Office of Property Assessment (OPA). If you disagree with your property assessment, you can file an appeal with the Board of Revision of Taxes (BRT).
How much is it? The current rates for the Realty Transfer Tax are: 3.278% (City) + 1% (Commonwealth) = 4.278% (Total) The tax rate is based on the sale price or assessed value of the property, plus any assumed debt.
Tax rates, penalties, & fees The Use and Occupancy Tax rate is 1.21% of the assessed value of a property, with a $2,000 annual tax exemption.
The Office of Property Assessment (OPA) determines the value of all real property in Philadelphia. OPA is dedicated to doing so in a fair, accurate, and understandable way so that properties of the same value are assessed and taxed at the same rate.
Philly Rules As of January 19th of this year, Philadelphia will require a residential property wholesaler license in an effort to crack down on wholesalers who the city believes are taking advantage of naive property owners in up-and-coming neighborhoods.