Homeowners in the city will get a bit of a break this year as new property tax assessments have been paused.
The city needs time to catch up after taking a three-year break on these assessments during the pandemic.
NBC10’s newsgathering partners at KYW Newsradio report that when the city resumed property taxes last year, following that three-year break, many homeowners were "gobsmacked" as property values had risen by 31-percent across the city and a quarter city homeowners saw their values double.
This reportedly caused a flood of appeals to the city's Property Tax Assessment office, which has tied up the agency's ability to conduct new assessments.
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“The time they would have been putting into evaluations that would have come out in a month or two has been spent on those first-level reviews, so we’re not doing revaluation this year,” explained Finance Director Rob Dubow, told KYW Newsradio. “We will continue doing revaluations starting next year.”
Dubow told KYW Newsradio that he’s not concerned that this pause will cause a similar spike like the last one did, as home values aren't increasing as the previous rate.
