Developing Philly: The State of Philadelphia's Tax Abatements in 2022
We are introducing a mini-series, “Developing Philly.” The podcast episodes will explore issues that are top-of-mind for developers, owners, and commercial investors throughout the Philadelphia region. We’ll focus on zoning...more
On Labor Day, Governor Kathy Hochul signed Senate bill S6350A that prohibits most individual unit owners or shareholders in condominiums (condos) or cooperatives (coops) from obtaining or maintaining tax abatements under...more
Coops and condos will not need to pay their service employees prevailing wages to keep their units eligible for the Cooperative and Condominium Tax Abatement (the abatement). The abatement reduces property taxes between 17.5...more
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