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If you own property in City of Philadelphia, there is an envelope from the city that either already hit your mailbox or is about to, and it's going to determine your tax bill for 2027. The new property assessments are out. Most owners are seeing an increase, and here is the part most people do not realize. You have a limited window to fight it, and it costs you nothing to try. Today, I'm going to walk you through exactly how to appeal your assessment, the two deadlines you cannot miss, and the tax relief programs that could save you over $1,000 a year plus, it is now officially a renter's market, and I've got the national data and the Philly numbers to prove it. And we're going to do a deep dive on 19125 Fishtown and East Kensington, which unlike the last few zip codes we've covered, tells a little bit a different story. Let's get right into it

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We're here to share insights and experiences, not legal or accounting advice. Be sure to talk to your attorney, accountant, or professional advisor before making any decisions. Everyone's situation is different. Get the help that is right for you

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Welcome back to the Philly Landlord Guy, the show built for rental owners, property managers, and investors who want real facts about operating in the city of Philadelphia. No fluff, no, no theories, just data and what to actually do with it. I'm your host, Yuriy Skripnichenko, licensed real estate broker and certified property manager here in Philadelphia. Let's get right into the numbers. In June, there were 2,500 new units listed and 1,800 units rented. The median listed price was $1,800, and the median rented price actually came in slightly higher at $1,825, which tells you the city-wide market was pricing in June pretty accurately. No big gap between ask and close as we saw before. Average days on the market came down a little bit, and now it's 48 days. End of the month inventory 4,500 units with a months of supply index of 2.9. Now, here is a bigger national context, and this is important for how you think about your vacancies. So Zillow just released a report at the end of May, and the headline is that it is officially a renter's market. Nationally, near 40% of all rental listings are now offering concessions, things like free rent waived fees, or discounted move-in cost. Before the pandemic, that number was closer to one in six listings. Now it is two in five. In Philadelphia specifically, about 34% of rental listings in our metro area are offering a concession right now, up to three points from a year ago, with typical rent about $1,900. What does that mean for you as a landlord? It means tenants have leverage and options they haven't had in years. It doesn't mean you need to panic or slash your rent. But it does mean that if your unit is sitting, offering something like a half month free or wavering an application fee can be the difference between filling the unit now versus eating another month of vacancy. Sometimes the concession is smarter than a permanent price cut because it gets the tenant in at your target rent while still giving them the deal they're looking for. Think in those terms. Okay, this is the segment that could actually put money in your pocket, so grab a pen. The city's Office of Property Assessments began mailing out notices of valuation for the tax year of 2027 at the end of June. These are the new assessed values that will determine your property tax bill due in March 2027. Updated values went live online at property.phila.gov on June 29th, so even if your paper notice hasn't arrived, it was lost in the mail, or you didn't see it yet, you can look it up online right now. Here's the reality. This was a citywide reassessment, the first mass reassessment in two years. The citywide median change was about 3%, which is modest compared to the big jump owners saw two years ago. For the median home the city estimates the actual tax bill change is only about $97 for the year. But, and this matters a lot for the neighborhood we're covering today, the increases were not spread evenly. According to an Inquirer analysis, the neighborhoods that saw the sharpest assessment jumps were lower-income areas bordering gentrifying neighborhoods, and the single biggest jump in the entire city was Kensington. Kensington, Grays Ferry, and Conshohocken all saw the largest percentage increase because they border hottest markets like Fishtown, University City, and Point Breeze. So if you own in or near one of these traditional areas, there is a real chance that your assessment jumped more than the 3%. You need to actually look at your number. Now, here's how you fight it if you think it's wrong. There are two separate processes. They're both free, and neither require an attorney. My advice is to have one, but you don't have to. You can do it yourself. So option one, the first-level review, or FLR. This is the informal one. You file it directly with Office of Property Assessment. There is no hearing. You're just asking the city to take a second look. The form comes with your notice of valuation, so in that envelope that you receive, you will have your assessment value and the form for the appeal. To win, you need to show one of y- of a few things that your valuation is too high compared to similar properties in the area, or that the city got a detail wrong, your square footage, your condition, the characteristics of the property. The deadline for the first-level review is September 1, 2026. There are no exception to that deadline. Option two, the formal appeal with Board of Revision of Taxes the BRT. This is the most formal process decided by a separate agency. You can request an oral hearing or just let them review your documents. Now, quick thank you to our sponsor, TrustArt Realty. Between new assessments and shifting renters market and neighborhood by neighborhood pricing that change block by block, there is a lot to stay on top of right now. TrustArt Realty is offering all of our listeners a free rental analysis or management consultation session. So if you want to know what your property should rent for and whether your operation is set up correctly for everything happening this year, go to trustartrealty.com to schedule that session. The deadline for the BRT appeal is October 5th, 2026. You do not have to do the first-level review before you file a BRT. That's why the pros file both. Two independent shots at getting your number lowered. A few practical tips. When you file, include evidence, interior pictures showing the real condition of the property, sales records of comparable properties that sold less, and the professional appraisal, if you have one. And file by email or in person, not by mail, because if you mail it, you have no proof you filed on time. Now the relief programs. Even if your assessment is accurate, you may still be able to lower your bill. The homestead exemption, this is the big one for owner-occupants. In twenty twenty-seven, it knocks hundred thousand dollars off your taxable value, which saves most homeowners about fourteen hundred dollars a year. Applications for that are due December first, twenty twenty-six. If you're already enrolled, you don't need to do anything unless if the ownership changed. And note, refinancing that change your deed may count as a change. So look at it. If you had refinanced your property and there was a deed change, you may need to reapply. There is also Longtime Owner Occupant Program, or LOOP, which caps your assessment if you lived in your home at least ten years and meet income limits and your assessment jumped at least fifty percent in one year or seventy-five percent over five years. Given what just happened to assessments in Kensington, this program is going to be relevant for a lot of longtime owners there. And there are installment plans and senior low-income freeze programs on top of that. One important note for landlords specifically, the homestead exemption and LOOP are for owner-occupied properties, so they won't apply to you if you own pure rental units, but the assessment appeal absolutely does. If your rental new assessment look too high, file the first level review and the BRTA appeal. That's your tool. I will put links in the show notes so you can grab them and see what needs to be done. Now let's get to our neighborhood for today, 19125. It covers Fishtown and East Kensington. Sitting just northeast of Center City along the Delaware River, this is, without exaggeration, one of the biggest transformation stories in Philadelphia over 15 years. Fishtown went from a working class river work neighborhood to what national media has literally called one of the hottest neighborhoods in America. An arts, music, food, and nightlife destination. Here's what makes 19125 unique from investment standpoint. The housing stock is the same classic Philadelphia row home you find all over the city, but the demand profile is completely different. The Fishtown/Lower Kensington area has a median household income around $113,000, which is dramatically higher than the citywide median. The neighborhood is roughly 57% owner-occupied and 43% renter-occupied. And your tenant base here is young, urban, professional people who want walkability, restaurants, transit, and are willing to pay for it. 19125 was also one of the top zip codes in the entire city for the new residential development between 2021 and 2024, so there is a real developer confidence in this area. East Kensington is piece to understand for value. It sits just north and west of Fishtown proper, And it's where a lot of the investors' action has been. It's benefited from the Fishtown spillover with rehabbed homes and new construction blocks that were distressed a decade ago. It is more affordable than Fishtown core but riding the same wave. If you're looking at 19125 for a value add play, East Kensington is where the numbers are more likely to work, or you may find a deal that still may work. The Market Frankford El runs right through it plus the Girard Avenue trolley and multiple bus routes. Your tenants here are transit-oriented, and many are car-light by choice. Proximity to the El and to the Frankford Avenue, the main commercial spine, drives rent. At the same time, if you own commercial here, it may be a little bit more complicated to rent it out and depends on where exactly it sits, the lo- the location, the size of it So look at the market for that. Now the June 2026 MLS numbers for 19125. There were 111 units listed and 83 units rented in June. End of month inventory 165 units. Months of supply 2.6. And here's the number that tells you the whole story. The median listed price was $2,000 and the median rented price was $1,995. That's a $5 gap. Five dollars, compare that to 19134, where we saw a $200 gap or 19143 with $362 gap. In 19125, landlords are pricing accurately and the market is meeting them right at ask. And I think that is connected to all of the new construction. We have a lot of small to bigger multifamily buildings there. Most of them are managed by professional property managers, so they know how to price and that's why you see this similarity in listed and rented price. At the same time, we manage a lot of properties in that area as well, and some landlords are very sticky with their price point, where they want to be, and they don't want to reduce it. Hence they sit on the market much longer than the average. But back to MLS data. Days to the market for 19125, 36. That is 12 days faster than the citywide average of 48, and this is one of the most efficient rental submarkets in the city right now. It rents fast, minimal negotiation gap. The takeaway for 19125 is a strong, mature rental market with a real tenant demand and pricing discipline. It's not a bargain hunting ZIP Code. You entry costs here are high. Home prices here run well into the 400s and above. But if you own here or can acquire here, you're dealing with quality tenants, fast lease-up, a neighborhood that has proven staying power. One word of caution I have to add tying back to our earlier segment. If you own an East Kensington portion, keep a close eye on your 2027 assessment. This is exactly the kind of bordering hot market area where the city pushed valuations up the most. A greater rental location can still come with a tax surprise, so check your numbers and appeal if it's off. Current July inventory for 19125 is 156 units, and a median list price is 1798. Worth noting that is below June's closed median so there may be some softening or seasonal mix shift to watch heading into the late summer. Here's where we land today. One, go look up your 2027 assessment right now at property.phila.gov. If it looks too high, file your first level review by September 1st and your BRT appeal by October 5th. Both are free. File both. Two, it is a renter's market. Do not panic, but understand that concessions can be a smarter tool than permanent price cuts to keep your units filled. Three, 19125 is proof that not every Philadelphia zip code is pricing struggle. Fishtown and East Kensington are pricing accurately, renting fast or faster than the entire city, and holding strong demand. Just watch those assessment if you own an East Kensington site. If this was useful, subscribe, leave a review, and drop your zip code question in the comments. I read them and answer. Keep your properties clean, stay legal, and I'll catch you in the next episode