5 Steps to Reduce Your Real Estate Taxes in Philly

April 25, 2024

Are you a property owner in Philadelphia burdened with high real estate taxes? You’re not alone. Many property owners must know they can challenge their property tax assessments and potentially reduce their tax bills.

This blog post, guided by the insights of a seasoned real estate lawyer, will walk you through five steps to lower your real estate taxes in Philly. From understanding your current property assessment to considering further legal action, we’ll provide a comprehensive guide to help you through this process.

RS Law Group has helped businesses and individuals navigate real estate for decades in Philadelphia. With experience in real estate and commercial litigation, our team will work to resolve your needs. Contact us now at 215-717-2200 or email us at co*****@********up.com to speak with our experienced team of real estate attorneys.

Step 1: Understand Your Current Property Assessment with a Real Estate Lawyer

Understanding your current property assessment is the first step in reducing your real estate taxes. This is the value that the city assigns to your property for tax purposes. A real estate lawyer can help you understand how this value is determined and whether it accurately reflects the market value of your property.

Step 2: Research Comparable Properties

The next step is researching comparable properties in your area. You may have grounds for an appeal if similar properties are assessed at lower values. A Philadelphia real estate attorney can assist you in finding and analyzing comparable properties.

Step 3: File a Real Estate Tax Appeal

If you believe your property is over-assessed, filing a real estate tax appeal is the third step. This involves submitting a formal request to the Board of Revision of Taxes (BRT) to reassess your property. A Philadelphia real estate tax appeals lawyer can guide you through this process and represent you at any hearings.

Step 4: Prepare for Your Hearing

If the BRT grants your request for a hearing, the fourth step is to prepare. This may involve gathering evidence, such as photos or appraisals, and formulating arguments about why your property’s assessed value should be lowered. An attorney near me can help you prepare effectively.

Step 5: Consider Further Legal Action with a Real Estate Attorney

If the BRT denies your appeal or you’re unsatisfied with their decision, the final step may be to consider further legal action. This could involve filing a real estate tax appeal with the Pennsylvania Commonwealth Court. A real estate lawyer in Philadelphia can advise you on whether this is viable and guide you through the process.

FAQs about Real Estate Tax Appeals:

1. How can a real estate lawyer help me reduce my real estate taxes?

A real estate lawyer can help you understand your current property assessment, find comparable properties, file a tax appeal, prepare for your hearing, and consider further legal action.

2. What is a real estate tax appeal?

A real estate tax appeal is a formal request for the BRT to reassess the value of your property for tax purposes.

3. How can I prepare for my BRT hearing?

Preparing for your hearing may involve gathering evidence and preparing arguments about why your property’s assessed value should be lowered. An attorney near me can assist with this preparation.

4. Can I take further legal action if my tax appeal is denied?

Yes, if your appeal is denied or you’re unsatisfied with the decision, you may be able to file an appeal with the Pennsylvania Commonwealth Court. A real estate lawyer in Philadelphia can guide you through this process.

5. Can a Philadelphia real estate attorney near me help me reduce my real estate taxes?

Yes, a Philadelphia real estate attorney can provide valuable assistance in each step of the process to reduce your real estate taxes.

Work with a Real Estate Lawyer at RS Law

In conclusion, reducing your real estate taxes involves understanding your current assessment, researching comparable properties, filing an appeal, preparing for a hearing, and potentially taking further legal action. With the guidance of a skilled real estate lawyer, you can navigate this process effectively.

Give RS Law Group a call immediately at 215-717-2200 or email at co*****@********up.com for your consultation today!