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If you obtained a building permit this year for your property renovation project in Philadelphia, you must apply for the associated real estate tax abatement by December 31, 2023 or forever risk your right to do so in the future.

As a reminder, Ordinance 961, as amended, offers a real estate tax abatement for 10 years due to improvements made to residential properties with existing building structures that will either be sold upon completion of the property renovations or occupied by the property owner after the property renovations occur.

The significance of this tax abatement program lies not only in its duration but also in its role as a catalyst for encouraging property owners to invest in the enhancement of their residential properties. Whether it’s a comprehensive renovation, the addition of new structures, or other qualifying improvements, the program aims to stimulate real estate development and elevate the overall quality of housing in the city.

For those seeking more comprehensive information on the various real estate tax abatement programs available in Philadelphia, a detailed guide is accessible at click here. This resource provides valuable insights into the eligibility criteria, application process, and potential benefits associated with each program.

Please feel free to contact Alan Nochumson at either (215) 600-2851 or alan.nochumson@nochumson.com if you wish to learn if a property in Philadelphia is subject to a pending ordinance.