Philadelphia's 2027 Property Assessments Are Out — Here's How to Appeal, Plus a Fishtown (19125) Deep Dive

The Philly Landlord Guy — real facts for rental owners, property managers, and investors operating in the city of Philadelphia.

If you own property in Philadelphia, there's 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's the part most people don't realize: you have a limited window to fight it, and it costs you nothing to try.

This episode walks through exactly how to appeal your assessment, the two deadlines you can't miss, and the tax relief programs that could save you over a thousand dollars a year. Plus: it's officially a renter's market — with the national data and the Philly numbers to prove it — and a deep dive on 19125, Fishtown and East Kensington, which tells a very different story from the last few zip codes we've covered.

The June rental numbers

In June, Philadelphia saw 2,541 new units listed and 1,801 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 citywide market is pricing accurately right now, with no big gap between ask and close.

A few more data points worth knowing:

• Average days on market: 48 days
• Cumulative days on market: 50
• End-of-month inventory: 4,514 units
• Months of Supply Index: 2.9

It's officially a renter's market

Here's the national context, and it matters for how you think about your vacancies. Zillow released a report at the end of the spring, and the headline is that it's officially a renter's market. Nationally, nearly 40% of rental listings are now offering concessions — free rent, waived fees, or discounted move-in costs. Before the pandemic, that number was closer to 1 in 6 listings. Now it's 2 in 5.

In Philadelphia specifically, about 34% of rental listings in the metro are offering a concession right now — up 3 points from a year ago — with typical rent around $1,900.

What does that mean for you as a landlord? Tenants have leverage and options they haven't had in years. It does not mean you need to panic or slash your rent. But if your unit is sitting, offering something like a half-month free or covering an application fee can be the difference between filling it now and eating another month of vacancy. Often a 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.

The 2027 property assessments — and how to fight yours

This is the segment that could put money back in your pocket, so grab a pen.

The city's Office of Property Assessment began mailing Notices of Valuation for tax year 2027 at the end of June. These are the new assessed values that determine your property tax bill due in March 2027. Updated values went live online at property.phila.gov on June 29, so even if your paper notice hasn't arrived, you can look up your properties right now.

This was a citywide reassessment — the first mass reassessment in two years. The citywide median change was about 3%, 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 around $97 for the year.

But the increases were not spread evenly — and that matters a lot for the neighborhood we're covering today. According to an Inquirer analysis, the sharpest assessment jumps landed in lower-income areas bordering gentrifying neighborhoods. The single biggest jump in the entire city was Kensington. Areas like Kensington, Mantua, Grays Ferry, and Kingsessing saw the largest percentage increases, because they border hotter markets like Fishtown, University City, and Point Breeze.

So if you own in or near one of these transitional areas, there's a real chance your assessment jumped more than 3%. You need to actually look at your number.

The two appeals — both free, no attorney required

There are two separate processes. They're both free, neither requires an attorney, and the advice from the housing attorneys at Community Legal Services is to file both — two independent shots at getting your number lowered. You do not have to complete the First Level Review before filing a BRT appeal.

Option one — First Level Review (FLR). The informal one, filed directly with the Office of Property Assessment. There's no hearing; you're asking the city to take a second look. The form comes with your Notice of Valuation. To win, you show that your valuation is too high compared to similar properties, or that the city got a detail wrong — square footage, condition, or property characteristics. Deadline: September 1, 2026. No exceptions.

Option two — formal appeal with the Board of Revision of Taxes (BRT). The more formal process, decided by a separate agency. You can request an oral hearing or let them review your documents. Deadline: October 5, 2026.

How to give yourself the best shot

When you file, include evidence: interior photos showing the real condition of the property, sales records of comparable properties that sold for less, and a professional appraisal if you have one. And file by email or in person, not by mail — if you mail it, you have no proof you filed on time.

The relief programs — even if your assessment is accurate

• Homestead Exemption — the big one for owner-occupants. In 2027 it knocks $100,000 off the taxable value of an owner-occupied home, saving most homeowners about $1,399 a year. Applications are due December 1, 2026. If you're already enrolled, you don't need to reapply unless your ownership changed — and note that a refinance that changed your deed may count as a change.
• Longtime Owner Occupants Program (LOOP) — caps your assessment if you've lived in your home at least 10 years, meet income limits, and your assessment jumped at least 50% in one year or 75% over five years. Given what just happened to assessments in Kensington, this is going to be relevant for a lot of longtime owners there.
• Installment plans and senior/low-income freeze programs are available on top of that.

One important note for landlords: the Homestead Exemption and LOOP are for owner-occupied properties, so they won't apply to your pure rental units. But the assessment appeal absolutely does. If your rental's new assessment looks too high, file the First Level Review and the BRT appeal. That's your tool.

Neighborhood deep dive: 19125 (Fishtown & East Kensington)

19125 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 the last 15 years — Fishtown went from a working-class riverward 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 an investment standpoint: the housing stock is the same classic Philadelphia rowhome 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 — dramatically higher than the citywide median. The neighborhood is roughly 57% owner-occupied and 43% renter-occupied, and the tenant base is young urban professionals who want walkability, restaurants, and transit, and are willing to pay for it. 19125 was also one of the top zip codes in the entire city for new residential development between 2021 and 2024, so there's real developer confidence here.

East Kensington is the piece to understand for value. It sits just north and west of Fishtown proper, and it's where much of the investor action has been — benefiting from Fishtown spillover, with rehabbed rowhomes and new-construction blocks that were distressed a decade ago. It's more affordable than the 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.

For transit, the Market-Frankford El runs right through, plus the Girard Avenue trolley and multiple bus routes. Tenants here are transit-oriented and many are car-light by choice. Proximity to the El and to Frankford Avenue — the main commercial spine — drives rent.

The June 2026 numbers for 19125

• 111 units listed, 83 units rented
• End-of-month inventory: 165 units
• Months of Supply: 2.6
• Median listed price: $2,000 · Median rented price: $1,995
• Days on market: 36 · Cumulative days on market: 37

The number that tells the whole story is that $5 gap between the median listed price ($2,000) and median rented price ($1,995). Compare that to 19134's $200 gap or 19143's $362 gap. In 19125, landlords are pricing accurately and the market is meeting them right at ask. And at 36 days on market, this submarket rents 12 days faster than the citywide average of 48 — one of the most efficient rental submarkets in the city: priced right, rents fast, minimal negotiation gap.

The takeaway for 19125: this is a strong, mature rental market with real tenant demand and pricing discipline. It's not a bargain-hunting zip code — entry costs are high, with home prices running well into the $400,000s. But if you own here or can acquire here, you're dealing with quality tenants, fast lease-up, and a neighborhood with proven staying power.

One word of caution, tying back to the assessment segment: if you own in the East Kensington portion, keep a close eye on your 2027 assessment. This is exactly the kind of transitional, bordering-a-hot-market area where the city pushed valuations up the most. A great rental location can still come with a tax surprise — so check your number and appeal if it's off.

For context heading into late summer: current July inventory for 19125 is 156 units at a median list price of $1,798 — worth noting that's below June's closed median, so there may be some softening or seasonal mix shift to watch.

The bottom line

1. Look up your 2027 assessment right now at property.phila.gov. If it looks too high, file your First Level Review by September 1 and your BRT appeal by October 5. Both are free. File both.
2. It's a renter's market. Don't panic, but understand that concessions can be a smarter tool than permanent price cuts to keep your units filled.
3. 19125 is proof that not every Philadelphia zip code is a pricing struggle. Fishtown and East Kensington are pricing accurately, renting fast, and holding strong demand — just watch those assessments if you own on the East Kensington side.

Resources & links

• Look up your property assessment: https://property.phila.gov
• File a First Level Review (OPA) — deadline September 1, 2026: https://www.phila.gov/departments/office-of-property-assessment/
• File a formal appeal (Board of Revision of Taxes) — deadline October 5, 2026: https://www.phila.gov/departments/board-of-revision-of-taxes/property-assessment-appeals/
• Property tax relief programs (Homestead, LOOP, Senior Freeze, Installment): https://www.phila.gov/services/payments-assistance-taxes/taxes/property-and-real-estate-taxes/
• Zillow renter's market report: https://www.zillow.com/research/april-2026-rent-report-36354/

A word from our sponsor: TrustArt Realty

Between new assessments, a shifting renter's market, and neighborhood-by-neighborhood pricing that changes block to block, there's a lot to stay on top of right now. TrustArt Realty is offering a free rental analysis or management consultation — so you know what your property should rent for and whether your operation is set up correctly for everything happening this year.

If this was useful, subscribe, leave a review, and drop your zip code questions in the comments. Keep your properties clean, stay legal, and we'll catch you in the next episode.