Official:Amending Section 19-1303(4) of The Philadelphia Code, entitled “Authorization to Offer Exemption from Real Estate Taxes on New Construction of Residential Properties,” by modifying the start date of certain changes to tax abatements with respect to new residential construction, all under certain terms and conditions.
Sponsor: Councilmember Henon
Introduced: June 11, 2020
Signed: December 10, 2020
: Committee of the Whole
Status: Signed into Law, step 4 of 4
This bill modifies tax abatements for new residential construction in Philadelphia. For projects starting before December 31, 2021, there will be a full exemption from real estate taxes for 10 years. For projects started after that date, the exemption will gradually decrease over 10 years.
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