Philadelphia considers extending tax abatement to 15 years

    Philadelphia’s controversial property tax abatement program could become even more generous. Currently, developers building new units in the city don’t have to pay property taxes for the first 10 years.

    Philadelphia’s controversial property tax abatement program could become even more generous. Currently, developers building new units in the city don’t have to pay property taxes for the first 10 years.

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    Councilman Frank DiCicco’s bill would extend the tax abatement to 15 years.
    The councilman says the goal is to spur more developments into the city’s poorer neighborhoods.

    Dicicco: The upper end of my district, the upper end of Kensington, the lower end of Frankford, those kind of neighborhoods where you still have families living there but they’ve seen better times. And also in addition to residential, it would also apply for commercial and or industrial.

    The councilman says he knows the abatement program works, he’s taken advantage of the tax breaks himself on two properties.  The abatement itself is controversial. In public budget hearings in late 2008, a majority of residents critisized the abatement as a tax break for the super-rich.

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