A state tax board ruling that could force Philadelphia to lower its property tax assessments could cost the city millions in revenue, said Ballard Spahr real estate lawyer Philip B. Korb. Property tax is based on the assessed value, which is a percentage of the property’s market value. In Philadelphia, the assessed value is 32 percent.

"This will launch a flood of commercial appeals and millions of dollars of tax reductions," Mr. Korb said.

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