Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
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Philly 2023 Budget Compromise
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Yesterday afternoon, at the final Council session before summer break (are they school kids?), City Council unanimously passed the compromise budget that sets the City’s finances for the upcoming fiscal year.
The next budget will include important reductions to Philly tax rates for the wage tax and net profits portion of the Business Income & Receipts Tax (BIRT), as well as an increase in the real estate property tax Homestead Exemption. These tax cuts are in tandem with the 2023 city property tax reassessments, which raised the City’s property assessments by an average of 31% (with some assessments going down and some more than doubling!?!?!?).
This is a smart compromise budget, which benefits the City and all Philadelphians. Here are the highlights:
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The Homestead Exemption, available to all Philly homeowners, is being increased from $45,000 to $80,000. This means that every Philly homeowner who has the Homestead Exemption will see their 2023 property tax bill reduced by $1,120. This is available to every Philly homeowner, and you can learn how to determine if you have it and apply for it if you don’t here.
- The BIRT on net profits for Philadelphia businesses is being reduced from 6.2% to 5.99%. This does not sound like much, but it will help Philly businesses (most of which are small businesses) and help make Philly more competitive as a business marketplace. A win-win for the City.
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The wage tax will be reduced from 3.8398% to 3.79% for city residents and from 3.4481% to 3.44% for non-residents who work in the City. These decreases are not huge, but it is a start. Hopefully, Council can do more in future budgets. Please note that Philly’s taxes on businesses and workers’ wages are materially higher than in most other municipalities.
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Adding approximately $30 million to the Philadelphia Police Department’s budget, more funding for anti-violence programs, and funds to improve neighborhood conditions.
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While I disagree with the three council members who opposed this smart compromise budget, I commend and respect their decision to vote for it such that the Council could put forward a unanimous budget. This is a far cry from some other legislative bodies where members of a party are berated and bullied for simply wanting to work with and find common ground with members of the opposing party.
I hope you have a great weekend.
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304 S Philip Street
Brand New Listing
2 BD + Family Room | Bonus Room | 2.5 BA | 2,250 SF | Significant Character | 1-Year Paid Parking | $1,100,000
Significant character in this historic (c.1818) home on one of Society Hill’s most desirable, quiet, cobblestoned streets.
Renovated home with spectacular kitchen and all new baths. 2 bedrooms plus family room and bonus room, 2.5 baths (could be readily converted to a 3 bedroom by adding a wall on 2nd floor). Approximately 2,250 sq.ft. Hardwood floors, high ceilings, early 19th century character. 1-year paid parking in Head House Square Garage.
This sunny home offers the perfect mix of character and renovation, plus an ideal location. Just blocks from all the best restaurants, coffee shops, entertainment, and shopping of Society Hill, Old City, Penn’s Landing, and all that Center City has to offer. 2 blocks from the superb Head House Square Farmers Market (and the garage parking is right across the street). In the McCall School Catchment. One of the original homes placed on the Philadelphia Historic Register.
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Philadelphia Chinese Lantern Festival
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For the first time in three years, the magical Philadelphia Chinese Lantern Festival is back at Franklin Square. The festival features incredible handcrafted lanterns that are lit up with thousands of LED lights and constructed by Chinese lantern artisans. This event running until August 7th will also feature shopping, cultural performances, the Dragon Beer Garden, and more.
Photograph & content courtesy of uwishunu.
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New Restaurant Cafe Click
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This Tuesday was the grand opening of Stephen Starr’s new restaurant Cafe Click at the Comcast Center. The French-inspired menu features soups, salads, and coffee during the day and crêpes, oysters, quiches, and tartines at night.
Photograph from Neal Santos/Café Click & content courtesy of uwishunu.
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237-41 N Bread Street #3 & 4
NEW LISTING
6 Bed | 4 Bath
$1,448,900
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Mount Airy
New Construction
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304 S Philip Street
BRAND NEW LISTING
3 Bed | 2.5 Bath
$1,100,000
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3 Bed | 3 Bath
$1,029,000
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1629 North Street
NEW PRICE
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237-41 N Bread Street #4
NEW PRICE
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705-11 Pemberton Street #711
NEW PRICE
3 Bed | 2.5 Bath
$725,000
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3 Bed | 2.5 Bath
$700,000
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2135 St Albans Street
BRAND NEW LISTING
3 Bed | 2.5 Bath
$700,000
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722 S Bancroft Street
NEW PRICE
3 Bed | 2.5 Bath
$695,000
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26 University Mews
BRAND NEW LISTING
2 Bed | 1.5 Bath
$619,000
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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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Some imagery in this e-newsletter was sourced via UWISHUNU, Neal Santos/Café Click, and Canva.
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