i_use_this_for_work t1_jbzt7j9 wrote on March 13, 2023 at 12:07 AM

Reply to comment by lateavatar in Center City's latest tower of condo power... by ericallenjett

With a 10 year property tax abatement, not really.

lateavatar t1_jbzw2j6 wrote on March 13, 2023 at 12:29 AM

There’s a transfer tax on the transaction that would almost a million dollar for the penthouse.

i_use_this_for_work t1_jbzwh8m wrote on March 13, 2023 at 12:32 AM

3.2% transfer tax is nominal compared to the 1.4% annual property tax.

skeeterdc t1_jc1ic0s wrote on March 13, 2023 at 10:55 AM

Are you saying that this development is bad for the city?

i_use_this_for_work t1_jc260vg wrote on March 13, 2023 at 2:31 PM

I’m saying that the taxes on this property are nonexistent for the next 10 years. So OCs statement about the taxes being good is not terribly accurate.

skeeterdc t1_jc28d2m wrote on March 13, 2023 at 2:47 PM

Land taxes are not abated for the property, it’s the taxes that are suppose to be paid on the property that are abated for 10 years. Philly taxes the land and the property separately and the tax abatement only impacts the taxes property owners pay for the taxes on the property.