Real Estate Tax Abatements Deadline Rapidly Approaching For Renovated Residential Properties In Philadelphia

Attention: Property Owners Renovating in Philadelphia

If you are an owner of a property in Philadelphia which is undergoing a renovation, you should not forget to timely apply for a real estate tax abatement to save thousands on your property taxes.

Overview of Philadelphia’s Real Estate Tax Abatement Program

Philadelphia’s residential real estate tax abatement program for renovated properties offers property owners a 10-year real estate tax abatement on the value of improvements from property improvements. The real estate tax abatement will cover 100% of the value of the property improvements in the first year, with a 10% reduction each year thereafter over the following 9 years. Under this governmental program, the 10-year real estate tax abatement does not begin until the year following the completion of the property improvements.

If you obtained a building permit this year for a property renovation project in Philadelphia, you must apply for the related real estate tax abatement by December 31, 2024, or you risk losing your right to do so in the future.

Why This Program Matters

This real estate tax abatement program is significant not only for its duration but also as a powerful incentive for property owners to invest in enhancing their residential properties. Whether through comprehensive renovations, the addition of new structures, or other eligible improvements, it seeks to stimulate real estate development and improve the overall quality of housing in the city.

Because this governmental application is time-sensitive and will be denied if filed late, we recommend reaching out for our legal assistance well before even submitting a building permit application.

Schedule a Free Consultation

Book a free, 15-minute consultation with Alan Nochumson to discuss your potential real estate tax abatement below, or reach out to him by email at alan.nochumson@nochumson.com or phone at (215) 600-2851.