New Property Tax Hikes in Philadelphia
Last month, Philadelphia residents were given the results of a citywide property tax reassessment, and the news wasn’t encouraging for many homeowners. Among those hit hardest were the river districts spanning from South Philadelphia to Port Richmond. The Actual Value Initiative (AVI) was implemented to amend decades of inaccurate assessments, designed to redistribute values based on “real” market values. Unfortunately for owners of Philadelphia condos and houses, the onus seems to have fallen squarely on the homeowner – as many residential properties will see a substantial rise in this year’s taxes – with some increasing as much as $2,000.
Homes for sale in Philadelphia subject to higher property taxes
While the city plans to collect the same $1.2 billion in property taxes this year, mostly hotels, commercial and industrial properties will benefit from lower rates after the reassessment. As a consequence, many residential property owners will witness a huge jump in taxes – as did Susan Patrone, former president of the Passyunk Square Civic Association, whose annual rates almost tripled following the AVI. Patrone is facing a $2,000 increase and commented, “For me and folks like me who have been passionately active in trying to make our neighborhood a better place . . . I feel like I’ve kind of been rewarded with, ‘You’re going to have to pay a lot more money to live here’.” President of Northern Liberties Neighbors Association, Matt Ruben, said the reassessment is “much more accurate and fair in the big picture, but there are some problems.”
Clearly, Philadelphia residents are not in agreement with what has now been deemed proper and fair. Additionally, homeowners with 10-year tax breaks on new construction will still pay property taxes on the value of the land, which has been reappraised to reflect the latest market values.
In light of this news, it comes as no surprise that Delaware is one of the most attractive states for potential homeowners due to its famously low taxes. Less than 20 minutes from Philadelphia, the Delaware homes at Darley Green enjoy some of the lowest real estate taxes in the entire country!
Looking for low taxes? Move to nearby Wilmington, Delaware
Need a few more incentives? On top of its low property taxes, here are some other tax benefits to living in Darley Green – one of Delaware’s most innovative communities located in the Claymont Renaissance District:
- No inheritance tax for most residents
- No personal property taxes
- No sales tax on most retail items purchased in the state
- No Delaware tax on social security benefits for residents
- An exclusion amount, depending on your age, of your pension benefits from being taxable by the state of Delaware regardless of what state you resided in when you worked
And at Darley Green, you’ll never sacrifice on location or convenience, as you have easy access to New York City, Philadelphia, Baltimore, and Washington D.C. But with so much right at your doorstep, you may never be tempted to leave. Residents take advantage of communal gathering areas, miles of walking trails, and on-site shops and restaurants – just some of the perks to living in a master-planned community. If you’ve been disappointed byPhiladelphia homes for sale, take a look at our affordable move-in ready condos at Darley Green.
To view one of our model homes, we invite you to swing by anytime from 11AM to 6PM. For more information about Delaware living or to have any question answered, please call Amy Maluski, Community Sales Manager, at 302.655.2600.