WHEREAS
The City of Philadelphia has over the past several years enacted property tax abatement measures aimed at stimulating economic, residential and commercial development throughout the City; and
WHEREAS
These measures have included the 1997 property tax abatement that created a 10-year tax abatement on improvements to vacant and blighted properties; and the 1999 10 year property tax abatement on new construction; and
WHEREAS
Due in part to these measures, the City of Philadelphia has been experiencing an unprecedented construction boom resulting in over 8000 new residences in Center City alone and several more residential and commercial developments throughout the city; and
WHEREAS
The success of property tax abatement policies has raised questions about how much longer the tax breaks should continue and whether the city has gained enough momentum to tweak the abatements; and
WHEREAS
Although resulting increases in residential and commercial development have enhanced the growth and viability of several neighborhoods throughout the city, increased development has also served to significantly raise property values thereby increasing the tax burdens for certain long-term owner occupants; and
WHEREAS
Due to these and other potential issues, Philadelphia's current property tax abatement policies may need to be modified to better suit current conditions; now therefore
BE IT RESOLVED, THAT THE COUNCIL OF THE CITY OF PHILADELPHIA,
Authorize the Committee of the Whole to hold hearings to assess the feasibility and practicality of continuing certain city sponsored property tax abatements.
End