A change in the property tax assessment ratio by a state board could result in tax bills in Philadelphia being cut in half, according to Ballard Spahr real estate partner Philip B. Korb. He said lowering the ratio could prompt numerous residential and commercial property owners to appeal their tax bills.

"(This could be) a real blow to the city financially," Mr. Korb said. "If this state-imposed ratio stands, and taxpayers flood the appeal process, the city's tax revenues could be reduced catastrophically."

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