Will Property taxes go DOWN at Toll Bros. site?

Discussion in 'Philadelphia Real Estate' started by billy ross, Dec 9, 2016.

  1. billy ross

    billy ross Well-Known Member

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    After Jewelers Row, what's the next preservation tragedy?

    I think Inga is either fudging here or she doesn't understand.

    Presently property taxes are on land plus improvements. But after the demolition the taxes will be on land only. They certainly won't be zero, as Inga implies. However, since the land under a 29 stores tower is extremely valuable and the properties are worth more entitled for a 29 storey tower than they are presently, the land value after demolition ought to be worth more than the land value plus the buildings today. Meanwhile the city's tax assessment system ought to catch this change, and indeed has been capturing this change, to the consternation of many buyers of abated homes.
     
    #1 billy ross, Dec 9, 2016
    Last edited: Dec 9, 2016

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