How is assessed value calculated in Philadelphia?

[Cliff T.]

Anyone know of a good way to estimate how assessed value for a property in Philadelphia will change after purchase? For example, if the current assessed value for a property is $800,000 and I plan to purchase at $1,000,000. Will the assessed value jump to $1mm, based on the sale? Or will it land somewhere in between?

I've looked on the Philadelphia tax assessor's website and came up short on details. I also know the city has recently been under scrutiny for having issues with their property assessed values, but it surprised me that their formula for calculating the value is not a bit more transparent.

Any help would be much appreciated. Thanks in advance!

[Joseph ODonovan]

@Cliff T. The City of Philadelphia does not reassess properties after sale transactions. The usually do city wide reassessments when they need to raise tax revenue or simply adjust to reflect market prices. You should be fine until the next city wide reassessment which is anybody's guess when that will be.