In Philadelphia, real estate taxes are based on assessed values set by the Office of Property Assessment (OPA). The OPA sets a land value and improvement value for each property. Since 2003, the City has given owners of new...more
Mayor Kenney on May 15 signed into law a bill amending the Philadelphia Realty Transfer Tax as it applies to sales of interests in real estate companies. Before July 1, 2017, if a real estate company that owned Philadelphia...more
The Pennsylvania General Assembly recently enacted bills amending the common interest ownership laws, the Uniform Condominium Act (UCA), the Uniform Planned Community Act, and the Uniform Real Estate Cooperative Act....more
12/12/2018
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Common-Interest Communities ,
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Real Estate Development ,
State and Local Government
The Philadelphia Office of Property Assessment (OPA) has reviewed the assessed values of all commercial and industrial real estate in Philadelphia, and earlier this year, many owners of commercial and industrial real estate...more
In a long-awaited decision on a hotly debated issue, the Pennsylvania Supreme Court has held that taxpayers whose apartment buildings were singled out for school district tax appeals have stated a valid claim that such...more
Philadelphia just dramatically tightened its realty transfer tax rules to impose more realty transfer tax. Under the current Philadelphia and Pennsylvania realty transfer tax law, a real estate company owes realty transfer...more
In view of market conditions, now is a good time to review your company’s real estate portfolio to consider assessment appeals for tax year 2016. Deadlines for appeal in certain Pennsylvania counties follow:...more
Owners of tax-exempt property in the City of Philadelphia no longer need to worry about submitting recertification forms regarding the continued use of their property. On April 7, 2015, Mayor Michael Nutter signed Bill...more
The Office of Property Assessment (OPA) has simplified the process for owners of tax-exempt real estate in Philadelphia to recertify that their properties are, in fact, tax-exempt. The OPA's original notices to property...more
The Pennsylvania Department of Revenue (DOR) recently issued Information Notice - Realty Transfer Tax 2014-01 (the Information Notice) delivering some good news and bad news about how the new law that became effective January...more
In response to a challenging residential real estate market, Pennsylvania Governor Tom Corbett recently signed an amendment to two state laws governing the development of condominiums and planned communities to give...more
In view of current market conditions, now is a good time to review your company’s real estate portfolio to consider assessment appeals for tax year 2014. ...more
For straightforward real estate transactions involving a deed for consideration, the Pennsylvania realty transfer tax is based on the purchase price....more