City of Philadelphia Passes Bill #225
The City of Philadelphia passed Bill #225, which grants an abatement of real estate taxes for construction of improvements to industrial, commercial or other business property. Pursuant to the terms of the amendment, the period of the abatement has been extended from three years to ten years, effective as of October 4, 2000. Properties for which an abatement application already has been filed or which are already in their three-year abatement period do not receive the benefit of the longer abatement period. The amendment applies only to abatements for which application is made to the Board of Revision of Taxes after October 4, 2000.
It should be noted that the abatement always has been and still is limited to "that portion of the additional assessment attributable to the actual cost of improvements." In other words, the portion of the assessment attributable to land or previously existing improvements is not eligible for the abatement.
None of the members of Roddy Inc. are certified public accountants or attorneys therefore, you are urged to contact your independent consultants for an interpretation of Bill #225. Should you desire a copy of the Bill, contact Roddy Inc. and we will be pleased to forward same to you.
Headquartered in Bensalem Township, Bucks County, Pennsylvania, Roddy Inc. is a marketer, manager and developer of industrial and commercial real estate throughout eastern Pennsylvania and southern New Jersey. Their clients include regional, national and international companies and financial institutions. For more information about the company, visit the corporate website http://www.roddyinc.com
For further details, contact Frank Roddy at (215) 245-2600 or FAX (215) 245-2670.