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conorb619 t1_jbvs8ej wrote

IIRC the top two floor penthouse was going for like $26 Mil? Ridiculous

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lateavatar t1_jbx5shs wrote

The taxes on properties like that are good for Philadelphia instead of being located just outside the city.

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i_use_this_for_work t1_jbzt7j9 wrote

With a 10 year property tax abatement, not really.

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lateavatar t1_jbzw2j6 wrote

There’s a transfer tax on the transaction that would almost a million dollar for the penthouse.

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skeeterdc t1_jc1ic0s wrote

Are you saying that this development is bad for the city?

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i_use_this_for_work t1_jc260vg wrote

I’m saying that the taxes on this property are nonexistent for the next 10 years. So OCs statement about the taxes being good is not terribly accurate.

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skeeterdc t1_jc28d2m wrote

Land taxes are not abated for the property, it’s the taxes that are suppose to be paid on the property that are abated for 10 years. Philly taxes the land and the property separately and the tax abatement only impacts the taxes property owners pay for the taxes on the property.

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