If you're closing on an Olde Kensington home in the next few weeks, the tax figure on the listing is based on the seller's 2026 assessment and the seller's own exemptions. Your bill will use a different number. The City of Philadelphia set every property's 2027 value back in June. The last appeal deadline, the Board of Revision of Taxes filing date, was October 5, 2026. The Department of Revenue starts mailing 2027 bills on December 1, the new values take effect January 1, 2027, and payment is due March 31, 2027, according to the City's June 2026 announcement.
So a buyer under contract today takes on a 2027 value nobody can appeal anymore. In Olde Kensington, which direction that value moved depends mostly on when the house was built.
The Kensington headline stops at the neighborhood line
The reassessment story that got the most attention this summer was about the neighborhood that shares part of Olde Kensington's name. The Philadelphia Inquirer reported that Kensington had the city's biggest jump. Its median single-family assessment rose 15.3%, from $115,700 for tax year 2025 to $133,400 for 2027, while the citywide median rose 3%.
Olde Kensington went the other way. We analyzed the City's public property assessment data for census tracts 144 and 145. Those tracts overlap the Front-to-6th, Girard-to-Berks area that South Kensington Community Partners uses for its zoning work. Across the 2,015 parcels OPA classifies as single family there, the median per-parcel change from 2025 to 2027 was 0.00%, and 48.4% of parcels went up. Fishtown looked similar. A Looking Closer Philly analysis found its median assessment fell 2.7%, and only 37.9% of parcels there went up.
A flat median hides two separate movements.
The split runs along building age
Divide the same two tracts by year built and by whether OPA lists the unit as a condo, and the flat median breaks apart:
| Olde Kensington, tracts 144 and 145 | Parcels | Median change, 2025 to 2027 | Median 2027 assessment | Share that went up |
|---|---|---|---|---|
| Built before 2010, not condo | 1,081 | −3.4% | $343,000 | 33.8% |
| Built 2010 or later, not condo | 540 | +1.0% | $551,000 | 58.1% |
| Condos built 2010 or later | 295 | +2.7% | $385,200 | 81.0% |
| Condos built before 2010 | 99 | +1.0% | $341,600 | 58.6% |
Two out of three older non-condo homes held steady or went down. Four out of five newer condos went up. Even within a single group, the direction depends on the address. Among pre-2010 non-condo homes, the median 2027 assessment of $343,000 is almost exactly the 2025 median of $342,900, but the median parcel still dropped about 3.4%. That's why the useful figure is the one for the specific house, which is posted on property.phila.gov and searchable by street address. The City says the 2027 values have been there since June 29, 2026.
The City says it uses a computer-assisted mass appraisal system, along with aerial and street-level imagery, so that assessed values more closely reflect sales and market forces.
What the split does to an actual bill
The combined real estate tax rate for 2027 is 1.3998%, which the City breaks into 0.6159% for the City and 0.7839% for the School District. The City Controller's FY2027 forecast confirms the rate is unchanged from FY2026. Apply that rate to the medians above and the gap between the two groups shows up in dollars:
- Pre-2010 non-condo home at the $343,000 median: about $4,801 a year before any exemption, or about $3,402 with the Homestead Exemption.
- Newer condo at the $385,200 median: about $5,392 before any exemption, or about $3,992 with Homestead.
- 2010-or-later house at the $551,000 median: about $7,713 at the full rate, unless an abatement changes what's billed.
The Homestead Exemption accounts for the roughly $1,400 difference between the first two figures in each line. The City's Homestead page says it reduces a primary residence's assessed value by $100,000, and most homeowners save up to $1,399 a year. In Olde Kensington, the exemption often matters more to a buyer than the assessment change does.
There's a catch for buyers. The City says that once an application is accepted, the owner never has to reapply "unless your deed changes." A purchase records a new deed. The seller's exemption, which may be built into the tax line on the listing, belongs to the seller.
The newer houses add one more step. The same City page says owners with a 10-year residential tax abatement can't get Homestead and may apply once the abatement expires. An owner who cancels an abatement to claim Homestead can't put the abatement back. On a newer Olde Kensington house, the useful question is whether the home is still abated and when that ends. The 2027 assessment matters less until then.
December 1 is two deadlines at once
On December 1, 2026, the City starts mailing 2027 bills, and the same date is the City's final Homestead deadline for the year. If you close in November, you have a few weeks between your deed recording and that date. Here's the order that fits the City's rules:
- Before you commit, look up the home's 2027 value on property.phila.gov. The City says its estimator there also shows whether the property currently has Homestead.
- Find out whether a 10-year abatement is still running, since that decides whether Homestead is available at all.
- Once the deed is in your name, apply through the Philadelphia Tax Center. If the City's records still list the previous owner, the City asks you to call (215) 686-9200 or submit a paper application.
- Expect two bills. The City says applicants approved after October 1 receive a second bill with an adjusted amount due.
This is general information, not legal, tax, or financial advice. Your attorney, title company, or tax professional can confirm how these rules apply to your purchase.
Why sellers of older homes have a new talking point
The split also changes what an owner of an older home can say about their house. If a pre-2010 home's 2027 value came in lower, a seller can show buyers the new figure, along with the Homestead amount a buyer would need to file for, in place of the 2026 tax line. In this market, buyers are comparing more homes.
Bright MLS's September 2026 report, with data as of October 6, shows Philadelphia County ending September with 5,485 active listings. That's up 17.2% from a year earlier, and it works out to 4.88 months of supply. New pending sales in the county fell 12.6% in September 2026, while new listings rose 2.3%, and the median home sold in 29 days. When buyers have that many options, a clear carrying-cost number can set a listing apart.
The newer condos were the group most likely to go up. In these tracts, 81% of condos built since 2010 rose. If you're selling a condo, a 2026 tax figure on the listing will probably understate what the next owner pays.
FAQ
Can I still appeal a 2027 assessment on a house I'm buying? The City listed October 5, 2026 as the deadline for formal appeals to the Board of Revision of Taxes, and that date has passed.
Does the seller's Homestead Exemption carry over to me? The City says a reapplication is needed when the deed changes, and a sale records a new deed in the buyer's name.
Does Kensington's 15% increase apply to Olde Kensington? No. In census tracts 144 and 145, the median single-family parcel didn't change from 2025 to 2027, and about two-thirds of non-condo homes built before 2010 did not go up.
If you're under contract in Olde Kensington, or getting a rowhome or condo ready to list, I'm happy to pull the 2027 value for that address and go over how it fits your timing with you. Conchetta Park helps buyers and sellers sort out these details before the bills arrive. Let's Connect.
