Many Philadelphia homeowners simply pay their annual property tax bill without ever questioning whether their property's assessment is accurate. The reality is that some homeowners may be paying more than necessary because their assessed value does not reflect the property's true market value.
As real estate professionals, we regularly review property values, comparable sales, and market conditions across Philadelphia. We often discover situations where homeowners may benefit from reviewing their assessment and exploring available tax-saving programs.
This article outlines three key areas every Philadelphia homeowner should review — and explains how Mendez Homes & Investments can help.
What Should You Review?
Your Property Assessment
The Office of Property Assessment (OPA) assigns every Philadelphia property a market value, which determines how much you pay in property taxes each year. Assessments are supposed to reflect actual market conditions, but they don't always keep pace with changes in a specific neighborhood — or account for the true condition of an individual property.
Compare your property's assessed value to similar homes in your neighborhood. If your assessment appears significantly higher than comparable properties, it may be worth investigating further. You can look up your current assessed value on the City of Philadelphia's property search tool.
The Philadelphia Homestead Exemption
Many Philadelphia homeowners qualify for the Homestead Exemption but have never applied for it. This program — offered by the City of Philadelphia — reduces the taxable assessed value of your primary residence, which directly lowers your annual property tax bill.
Under the current program, qualifying homeowners receive a reduction in their assessed value — which can translate to hundreds or even thousands of dollars in savings over time. The exemption is available to any homeowner who owns and lives in their property as their primary residence.
If your property is your primary residence, it is critical to verify whether you are currently receiving this benefit. Many long-time homeowners are surprised to discover they have never applied.
Comparable Sales
Recent sales of similar homes can provide meaningful insight into whether your assessment accurately reflects current market value. When comparable properties in your area have been selling below your assessed value, there may be grounds to formally challenge your assessment through the Board of Revision of Taxes (BRT).
A professional Comparative Market Analysis (CMA) can help homeowners better understand how their property's assessed value compares to actual market conditions — and whether a formal appeal is worth pursuing.
How We Help
At Mendez Homes & Investments, we assist Philadelphia homeowners by reviewing their assessment situation and helping them understand their options. Our services in this area include:
- Reviewing property assessments — We look at your current assessed value in the context of your property's condition, location, and recent comparable sales.
- Confirming Homestead Exemption eligibility — We verify whether your property qualifies and whether you are currently receiving the exemption.
- Preparing Comparative Market Analyses (CMAs) — We provide a professional analysis of comparable sales to help you understand your property's true market value.
- Reviewing comparable sales — We research recent transactions in your neighborhood to identify meaningful comparisons for your assessment review.
- Helping homeowners understand the appeal process — We explain how the Board of Revision of Taxes (BRT) appeals process works, what is required, and what outcomes are realistic.
Many homeowners are surprised to learn that they may have options available to reduce their property tax burden — options they simply weren't aware of.
Your Assessment May Not Reflect What Your Home Is Worth
Philadelphia's property assessment system is not always accurate at the individual property level. Homeowners who proactively review their assessment — and confirm they're receiving available exemptions — put themselves in a better position to reduce their annual tax burden.
Find Out If You're Paying More
Property Tax Than You Have To
Many Philadelphia homeowners overpay every year — not because they have to, but because no one has reviewed their assessment, confirmed their exemptions, or analyzed what comparable homes are actually selling for. A simple review may reveal savings you didn't know were available.
-
Homestead Exemption Verification Many long-time Philadelphia homeowners have never applied. We confirm whether you're receiving this benefit — and help you claim it if you're not.
-
Comparable Sales Analysis We research what similar homes near you have actually sold for — so you can see whether your assessed value reflects real market conditions.
-
Property Assessment Review We review your OPA-assigned value against current market data and your property's actual condition to identify whether your assessment may be too high.
-
Appeal Process Guidance If an appeal may be appropriate, we'll explain how the Board of Revision of Taxes process works and what to realistically expect.
-
25+ Years of Philadelphia Experience We've been working with Philadelphia property owners since 1999. We know the neighborhoods, the OPA process, and what it takes to get results.
Talk to a Philadelphia Property Expert — No Cost, No Commitment
Tell us your address and we'll take a look at your assessed value, check your Homestead Exemption status, and let you know what we find. Completely free. No obligation.
More From Our Resources
Practical Philadelphia real estate guidance from Mendez Homes & Investments.