When Philadelphia released its property value assessments for 2023, they jumped by almost a third.

Hapco Philadelphia members make up the majority of rental owners of low-to-moderate-income rental housing, and they’ll suffer most.

HP rental owners are already reeling from months of unpaid rent during the pandemic eviction moratorium, and skyrocketing assessments will only serve to drive more rental property owners out of the affordable housing market.

The board of Hapco Philadelphia has always contended that City Council should stop looking to property value assessments as a profit center for City Hall.  It should always be revenue-neutral.

And City Council must include rental property owners in any financial relief programs to offset massive jumps in property tax bills.