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Philadelphia property values have risen over 20% in last 2 years, city officials say

After a three-year delay, city leaders on Monday shared new reassessment values for all properties in Philadelphia that left some residents concerned. 

Philly property reassessments: Mayor Kenney proposes wage tax reductions, other relief efforts to counter spikes in value

Philadelphia's Office of Property Assessment will soon release property value reassessments for 2023. This is the city's first reassessment since 2020 and comes after a boom in the residential real estate market, leading to increased home valuations that will be reflected in the new appraisals. To offset the anticipated tax burden, Mayor Jim Kenney has proposed a reduction in the Philadelphia wage tax, a boost to the Homestead Exemption and changes to other city programs to expand tax relief to home owners and renters.

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