Philadelphia City Council on Tuesday voted a bill out of committee that would provide property-tax relief to longtime homeowners in gentrified neighborhoods — mostly areas that saw soaring property values from new construction and rehabilitated homes after the city began offering a 10-year tax abatement on the value of improvements.The bill would allow residents who have lived in those areas for more than a decade to cap increases in their assessed market values at triple their current value.

Topics:  philadelphia city council   bill   market   values   areas   homes   increases   relief   gentrified   neighborhoods   

 

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