philadelphia's ten-year tax abatement - Econsult Corporation

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STATUS OF PHILADELPHIA’S TEN-YEAR TAX ABATEMENT ON ITS REAL ESTATE MARKET Updated statistics on the size and distribution of abated properties in Philadelphia. We now repeat the same analysis for “New Construction”. The following chart shows the composition of the market value of properties with “New Construction” abatements, as of August 2008: August 2008 Econsult August 2008 Corporation 9
STATUS OF PHILADELPHIA’S TEN-YEAR TAX ABATEMENT ON ITS REAL ESTATE MARKET Updated statistics on the size and distribution of abated properties in Philadelphia. Here is the same chart as of April 2006: 11.1% 0.2% 0.2% 0.0% Figure B.2 Percentage of Total Market Value of Properties Using Abatements for New Construction 88.5% Single-Family Home Condos Hotels/Apts Commercial Industrial • The growth in the total market value of abated properties with “New Construction” status is overwhelmingly due to condo properties, which grew from 11.1% in 2006 to 38.5% in 2008. • This growth appears to have been at the expense of single family homes, which fell from 88.5% of total market value to 61.2%. • However, even with this change in composition, residential properties account for an overwhelming percentage of abated properties with “New Construction” status. Econsult August 2008 Corporation 10
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philadelphia's ten-year tax abatement - Econsult Corporation

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