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Low-income neighborhoods close to gentrified areas of West Philly see biggest spikes in property assessments

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City property assessments are rising most rapidly in a handful of low-income neighborhoods that are near heavily gentrified areas in West Philadelphia, according to an Inquirer analysis. Homeowners in Kingsessing and Parkside this year will see some of the sharpest spikes in their real estate assessments,
The article from MSN discusses how low-income neighborhoods near gentrified areas in West Philadelphia are experiencing significant increases in property assessments. This surge is largely due to the spillover effect from the gentrification of nearby neighborhoods like University City, where rising property values and development have pushed up assessments in adjacent, less affluent areas. Residents in these neighborhoods are facing higher property taxes as a result, which can be burdensome for those on fixed or low incomes. The article highlights the concerns of local residents and community leaders about the potential for displacement as property taxes rise, making it difficult for long-term residents to afford staying in their homes. It also touches on the broader implications of gentrification, including the erosion of community cohesion and the cultural identity of these neighborhoods. Efforts are being mentioned to address these issues through tax relief programs and community advocacy to mitigate the adverse effects of these assessment spikes.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/low-income-neighborhoods-close-to-gentrified-areas-of-west-philly-see-biggest-spikes-in-property-assessments/ar-AA1wZnYe ]