Philadelphia homeowners could get hit with a higher property tax bill in the coming year.
Total residential real estate values in the city rose more than 30% over the past few years, according to the municipal assessment office, which recently reappraised more than half a million properties for tax purposes.
Mayor Jim Kenney’s administration wants to dedicate the extra revenue heading to the city’s coffers — estimated at $460 million over five years — to pay for a substantial increase in the homestead exemption and a cut to the wage tax that would bring the rate to a 45-year low.
