A statistical finding by an obscure state agency could cut property tax payments in Philadelphia by as much as $200 million, according to veteran real estate lawyer Philip Korb of Ballard Spahr.

"I looked at Philadelphia's number and I was stunned," Mr. Korb said. "It was something I never imagined and as soon as I saw the number I knew that this would be a very dramatic problem. I'm a city resident and I really don't want to see the city go broke."

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