Philadelphia Considers Office Conversion Tax
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residential building conversionsThe Philadelphia Inquirer
•Business
Business & Economics
Philly is exploring a 20-year property tax abatement for converting struggling office buildings to apartments
82% Informative
A 20-year -property tax abatement for the conversion of struggling office buildings to new uses is among the ideas being promoted by Philadelphia ’s Tax Reform Commission .
The incentive wouldn’t be a permanent fixture in the development playbook.
Such an idea would have to secure the support of Mayor Cherelle L. Parker and City Council .
Property tax hikes are politically difficult in a city with a large voting base of lower-income homeowners.
Many commercial property owners are contesting their current tax bills, as valuations of some office buildings plunge.
Federal funding is expected to negatively affect the city’s budget as well.
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