Philly Homeowners Face Average $330 Property Tax Hike Amid New City Reassessment
Philadelphia property owners will see an average property tax increase of $330 this year due to the city's first real estate reassessment in two years, announced by Mayor Cherelle L. Parker's administration. To help mitigate the impact, the city has raised the homestead exemption from $80,000 to $100,000 and introduced a relief program that freezes property tax bills for low-income homeowners, while assessments can be challenged with the Board of Revision of Taxes by October 7th.
Philly's Private Eviction System Faces Shutdown by September Amid Insurance Crisis
The Philadelphia Landlord-Tenant Office (LTO) faces potential shutdown due to losing its insurance, impacting the city's eviction processes starting August 12, 2024. Housing advocates and city officials have scrutinized the LTO after eviction-related shootings, leading to concerns about handling the eviction workload and calls for a transition to a government-run system.
Philly Housing Market Evolution: Key Trends in Home Prices, Ownership, and Mortgages Since 2000
Since 2000, Philadelphia's housing market has transformed due to population growth, tax incentives, and fluctuating interest rates. Entry-level home prices have surged from $59,000 to $160,000 by 2021, reducing affordability despite remaining lower than in other major East Coast cities.
New PA Law Shields Philly Homeowners from 'We Buy Houses' Scams: Regulation Targets Aggressive Wholesalers
A new Pennsylvania law, effective January, regulates real estate wholesalers to protect homeowners from predatory tactics. Wholesalers, who often use high-pressure methods to buy homes at undervalued prices, must now have real estate licenses, inform sellers of their rights, and provide a 30-day period for homeowners to back out of deals. This law, an extension of Philadelphia's 2020 regulations, aims to prevent homeowners, especially in gentrifying neighborhoods, from being exploited.
After Three-Year Hiatus, Sheriff's Office Resumes Auctions for 1,000+ Tax-Delinquent Properties, Recovering $35 Million for City and Schools
The Philadelphia Sheriff’s Office has resumed auctions for over 1,000 tax-delinquent properties, ending a three-year hiatus caused by a contract dispute that cost the city and school district an estimated $35 million in lost revenue. This resumption raises concerns about homeowner notification and the Sheriff’s Office’s capacity to handle the increased workload, while also impacting community gardens at risk of being sold.
PROA July Bill Track Report: Key Legislative Updates
Discover the Latest Updates in the Proa July Bill Track Report!