The average homeowner in the city is bracing for a $330 bump in their property tax bill. According to 6abc, Mayor Cherelle Parker linked the increase to a city-wide revaluation of over 580,000 properties—a necessary step under law for the Tax Year 2025. "No one ever wants to see their property taxes go up," Parker said in a statement that echoes the collective sigh likely rising from many city dwellings. Taking the hit may be inevitable, but the mayor promises that the reassessments are following legal requirements and, in time, will lead to improvements in funding for public schools.

In her announcement, Parker was quick to emphasize not only the hardship of the tax increase but also the silver lining found in the city budget that channels 56% of property tax revenues straight into public educational coffers. As per NBC Philadelphia, this would translate to a healthy $240 million boost over the next five years for Philly students. A bit of good news for homeowners already enrolled in the homestead exemption, a recently approved budget increases the exemption from $80,000 to $100,000, potentially offsetting some of the financial pain. This budget move could result in up to $280 in savings on their property taxes.

Mayor Parker has also championed the expansion of tax relief programs aimed at the city’s most vulnerable residents, as highlighted by PhillyVoice. Among these are the Homestead Exemption and a new low-income tax freeze program for individual homeowners earning less than $33,500 annually. These efforts are intended to help homeowners navigate the steep waters of increasing property values; often an unintended consequence of urban progress and gentrification. Moreover, senior citizens and income-qualified homeowners are offered the opportunity to pay their property taxes in installments, providing some financial breathing room.

Property owners dissenting with the reassessment have a recourse, with the option to request a First Level Review from the Office of Property Assessment (OPA). This process, as reported by PhillyVoice, is designed to field concerns over potentially incorrect valuations or overlooked exemptions. In encouraging news for early birds, those applying for the Homestead Exemption by September 13 may see the fruits of their labor reflected in an adjusted bill for the upcoming tax year.