01 — What is a Market Value?

Market Value in Philadelphia is determined by The Office of Property Assessment. OPA determines what every piece of property within Philadelphia is worth. The assessed dollar value is used to calculate the property’s real estate tax due.

02 — What is a Market Value Appeal?

If a property owner disagrees with an assessment, the City of Philadelphia offers options for requesting a review or filing a market value appeal. If your property has been reassessed and you believe the new value is incorrect, you can request a First Level Review or file a Market Value Appeal. If you are not satisfied with the outcome of the review or decide to skip the review process altogether, you may file a formal market value appeal with the Board of Revision of Taxes (BRT).

03 — Who can file a Market Value Appeal?

Owners who disagree with the OPA can file an appeal with the BRT. Owners can file a real estate market value appeal if:

• You think the City’s value of your property is too high or too low.

• The value doesn’t match similar properties in your area.

• There is a mistake about your property’s square footage, condition, or other characteristics.

04 — What is the cost to file a Market Value Appeal?

Market Value Appeal applications are FREE in Philadelphia. The Board of Revision of Taxes and Office of Property Assessment do not charge any fees to submit a market value appeal.

• Our company provides consulting and training services for owners that need assistance with preparing their appeal applications and compiling the data needed to propose a lesser value. Our fees are listed under the services section of this website.

05 — How long does it take to process a Market Value Appeal?

The timeline associated with processing a Market Value Appeal varies based on the Board of Revision of Taxes. If you elect a oral hearing, The Board of Revision of Taxes will notify you in writing of your scheduled hearing date approximately 45-90 days in advance. At the public hearing you will have the opportunity to present evidence, including photos, documents and witnesses, to support your opinion of your property’s fair market value. If you request a non-oral hearing, you will not have a public hearing before the Board. Monthly or Quarterly follow-up suggested.

06 — What is the cost for your consulting and training services?

If you would like us to assist you with preparing and submitting your Market Value Appeal, our 2024 application prep and submission consulting fee is $1,000 per appeal. We do offer reiteration and bulk discounts. Please email info@marketvalueappeal.com for more information.

Our Market Value appeal service includes a custom report with comparable properties and additional findings that support a lower proposed value.

07 — What does your Market Value Appeal service include?

The Market Value Appeal includes the following:

• Complete Appeal Application

• Research and Compile Comps

• Custom Appeal Report (Submitted w/ Application)

• Currier Service for Application Submission

• Stamped Copy of Application and Report for Records

08 — Can you appeal multiple properties Market Values at the same time?

Yes! There is no minimum or maximum amount of market value applications that an owner can submit. If you own property in Philadelphia and you disagree with the assessed value, you can file an appeal.

09 — What is the potential impact if you don’t file a Market Value Appeal?

If you disagree with the assessed value of your property but you do not file an appeal, you could risk your property assessment and real estate taxes continuing to increase. If your assessed value and real estate taxes increase drastically but you do not appeal, you could fall into delinquency and be subject to additional fees and penalties. If you think your market value is inaccurate we highly recommend taking advantage or the market value appeal.

10 — If you file a Market Value Appeal for previous Real Estate tax years and its approved, do you get a refund?

If your appeal for previous years is approved and they do reduce your assessed value, typically you will receive a credit to your account for the prorated difference. Additional details will be included in your appeal approval paperwork.

11 — How can I check to see if I am a good candidate for a Market Value Appeal?

If you are unsure whether or not you would be a good candidate to file a market value appeal, we recommend you schedule a FREE 15-minute consultation so we can conduct a preliminary search and provide you with feedback and suggestions!

12 — When is the deadline to submit a 2024 Market Value Appeal?

The deadline to submit a 2024 Market Value Appeal is October 2nd 2023.

13 — When is the deadline to submit a Market Value Appeal for previous years?

The deadline to submit a Market Value Appeal for previous years (2015 - 2023 ) has passed. If you would like to submit a market value appeal for previous years you will need to submit a “Late Filing – MARKET VALUE APPEAL (Nunc Pro Tunc)” application.

14 — Do you file Market Value Appeals outside of Philadelphia?

At this time, we do NOT submit Market Value Appeals outside of Philadelphia. We have been happily servicing the Philadelphia market since 2014 and have successfully assisted hundreds of clients with reducing their market values and securing real estate tax exemptions.

15 — Can I hire you to teach me or my team how to prepare and file our Market Value Appeals?

Yes! We provide 1-on-1 and group training for individuals and organizations that seek to learn how to prepare and submit their own Market Value Appeals.

16 — Do you have to attend a hearing for a Market Value Appeal?

You can request an oral hearing and attend a public hearing before the Board (in-person or remotely). If you do not appear, your appeal will be abandoned. If you do not want to attend a hearing you can, request a non-oral hearing and you will not have to attend a public hearing before the Board.

17 — How do you determine what the accurate Market Value should be?

We conduct extensive research adjacent to the property and surrounding areas to identity what neighboring property values and taxable land values are. Once we have the data we need, we compile an organized report that includes our findings and use the comps to determine what a more accurate assessed value is.

18 — I am ready to hire you to assist me with filing my Market Value Appeals - What are my next steps?

If you’re ready to move forward with hiring us to assist you with preparing and filing your market value appeals, please email us at info@marketvalueappeal.com or schedule a FREE consultation.

19 — Once the Market Value Appeal is submitted, what do I do until I hear back?

We suggest following up with the Board of Revision of Taxes monthly or quarterly to check in on the status of your pending application. You can follow up via email or in person. We provide follow up services in the event you do not want to do that and need assistance.

20 — Where do I direct additional questions?

If you have additional questions, please email us at info@marketvalueappeal.com or schedule a consultation! We appreciate your time and look forward to connecting soon!