Mayor Kenney has proposed significant tax changes to try to make up for the $1B deficit in the Philadelphia school budgets, as reported by Philly.com:

“Philadelphia’s financial watchdog is exploring whether to recommend changes to a much-used tax break for new construction that backers credit with sustaining the city’s building boom but that critics say has starved public coffers to disproportionately aid the wealthy.

City Controller Rebecca Rhynhart said that she is analyzing the impact of adjusting or ending the city’s 10-year property tax abatement, which waives city taxes on increased real-estate values generated through new construction or renovations.”

To help you understand what that these proposals mean for you as a resident of Philadelphia, a homeowner, builder or developer and potential buyer or seller – our founder, Noah Ostroff, breaks down the details:

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