The Philadelphia Property Tax Saga continues. Beyond the property valuation and assessment controversies that we have discussed in detail, the city is now trying to determine its budget and 2019 tax rate. The administration’s proposal was to increase the tax rate by 4.1%, which I discussed here. Mayor Kenney also wants to raise the Real Estate Transfer Tax from 4.1% to 4.45%. These real estate tax increases are on top of the aggressive 2019 assessment increases that hit many Philadelphians this year.
City Council has come back and said no to these real estate tax increases. Council says let’s provide more money to schools (albeit less than the mayor’s plan) by cutting the prison budget and increasing collections from tax deadbeat property owners. The mayor claims the Council budget plan will not work. You can read a lot more detail here, including other tax increases and more about how the city may be able to collect more money from delinquent property tax owners.
I find this to be really interesting stuff, and if you do as well, please let me know. I am always happy to discuss this and of course to help you with your real estate needs. And as always, do you know someone who is considering buying or selling real estate? I would be honored if you recommended me to be their trusted adviser. I pledge to provide them with the absolute highest level of service.
City Block Team