December 9, 2020
BY JEFF CITY BLOCK
The Philly tax abatement and a possible delay in changes for the next 3 years. If you have any questions about how this might affect you please send me an email: [email protected]. This edition of Around the Block was originally published on Saturday, 10/17/20.
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Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
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Philly Tax Abatement changes delayed…for three years?
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Ok, so as I have discussed before, City Council finally changed the tax abatement on new construction. The new ordinance reduces the full 100% tax abatement on the improvements to what is essentially a 55% tax abatement on improvements. They accomplished this by stepping the abatement value down each year. 100% abatement in Year 1, 90%, in Year 2, then 80%, 70%, all the way down to 10% in the final year. The current full abatement ends 12/31/2020 and the new modified format begins 1/1/2021. The application date for the abatement determines whether it is full or stepped-down. This is totally codified and ready to go. It is literally a done deal. But wait… until 2024. Now City Council is discussing keeping the full abatement in place for the next three years and instituting a 1% tax on new construction in the meantime. Read the latest here.
Let me conclude by stating that this is far from settled. And if you have any questions about how this might affect you, or any questions at all about Philly property taxes or real estate in general, please let me know. Have a great week.
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As always, please know that I’m humbled by and appreciative of your introductions and referrals. If you have a friend, colleague, or family member that is in need of Expert Real Estate Representation, please have them contact me.
Be assured, I will do my best to exceed their expectations! Thanks for taking the time to read this issue of Around the Block.
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