Philly home values spike 10.5 percent in new property assessment

A property assessment released by the city last week showed a rise in home values across Philadelphia, with sections around Fairmount Park and South Philly most affected.

The 2019 assessment, which was analyzed in a report by Philly.com, showed an overall 10.5 increase in the median market value for single-family homes, from $112,800 to $124,600, according to the site’s analysis. While the most of the city—48 out of 57 neighborhoods, to be exact—saw a spike in property values, some neighborhoods actually saw their home values decrease. Values in Fairhill, for instance, went down by 21.8 percent, according to Philly.com.

Others, like the increasingly popular Brewerytown, saw massive jumps. Values in Brewerytown and its neighbor, Strawberry Mansion, increased just over 47 percent since the 2018 assessment.

Residents can check their property’s 2019 market value on the city’s website.

The new assessments will mean increased tax bills for property owners in Philadelphia, especially in the areas northwest of the city—around Chestnut Hill— and south of Center City—like Point Breeze and Lower Moyamessing—, all of which could see increases between $500 and $1,712, according to Philly.com.

The assessments come on the heels of a 4.1 percent proposed property tax hike, which Mayor Jim Kenney requested from city council last month in order to cover school funding, according to NBC. Kenney referenced the new property assessments in his request, though the details of the assessment were not available at the time.

• Philly’s new property assessments are out [Philly.com]
• Philadelphia property data [Phila.gov]
• Mayor revises property tax increase proposal [NBC 10]