Currently, homeowners are exempt from most property taxes for a decade.
Now, the abatement will drop by 10 percent each year, starting at 100 percent the first year, then 90 percent the next year, and so on.
On behalf on City Council President @Darrell_Clarke, Councilmember @cindybassphilly introduced Bill No. 190944-A which modifies the real estate tax abatement for new construction of residential properties only. https://t.co/L6qHCUs2rt— PHLCouncil (@PHLCouncil) December 12, 2019
City Council estimates the change would generate an additional $275 million in tax revenue, with half going to schools.
The change takes effect on the last day of next year.