Urban Development

Update:

There is a law (well if you wanna call it that feel free) that allows residents to purchase property in the Philadelphia area at a lesser price...well kinda.

Tax abatement (sounds illegal-its not dont worry)- is what is going on in Philadelphia. If you buy a property you have a 10 year break on the property taxes that you would pay to own that land.

Basically if you buy a million dollar property in Center City instead of paying $12,000/yr in taxes you pay $1,200- sweet right!...ehhh not so much

The demand for more property increases and makes the value of the properties in the area go up and those who were here before the program was established are now paying higher property taxes. So yea if your new to the area its a great deal, but for those who have lived here their entire lives its a swift kick in the crotch (ouch). hmmmm

THINKING...

So if we figure out how to make tax abatement work for long time residents and not just for out-of-towners trying to save a buck we can put more money in the hands of people who are most important when it comes to stimulating the local economy?

Ill work on it...give you an update soon.

FUN FACT OF THE DAY (brought to you by little miss sunshine):

60% of all Philadelphia property is owned by a New York resident.