PHILADELPHIA | Lowrise/General Developments Thread - Page 623

iamrobk · #**12441** Posted **Jul 18, 2019, 1:52 PM**

Quote:

Originally Posted by Redddog

Awesome, so now we can fix the city wage tax?

Hah. For better or worse it sounds like the city is planning to leave a significant amount of money unspent and putting some in the "rainy day fund" for the first time:

Quote:

A humming economy and new revenue sources like the sweetened beverage tax have allowed the city to pay its bills despite a $1 billion increase in annual spending since Mayor Jim Kenney took office in 2016. This year’s $5 billion budget, for instance, leaves about $298 million unspent, allowing the city to make a contribution to its Rainy-Day Fund for the first time since the account was created in 2011.

https://www.inquirer.com/politics/st...-20190716.html

My guess is it would take another year or 2 of such strong economic growth (which seems unlikely for various reasons, but who knows) for them to consider accelerating the wage tax cuts. Tbh I'd rather see significant cuts to the transfer tax, especially if the local real estate market begins to tighten.

Redddog · #**12442** Posted **Jul 18, 2019, 2:03 PM**

Quote:

Originally Posted by iamrobk

...My guess is it would take another year or 2 of such strong economic growth (which seems unlikely for various reasons, but who knows) for them to consider accelerating the wage tax cuts. Tbh I'd rather see significant cuts to the transfer tax, especially if the local real estate market begins to tighten.

Both of those taxes are crazy but the city wage tax is a much bigger deterrent, IMO.

jsbrook · #**12443** Posted **Jul 18, 2019, 4:29 PM**

Quote:

Originally Posted by Redddog

Both of those taxes are crazy but the city wage tax is a much bigger deterrent, IMO.

Wage tax is a modest deterrent. The biggest deterrents are the NPT and corporate-level taxes.

iheartphilly · #**12444** Posted **Jul 18, 2019, 6:24 PM**

Giveth...then...taketh...

City's $118 million property reassessment suffers huge blow

https://www.bizjournals.com/philadel..._news_headline

Article behind my paywall...

ScreamShatter · #**12445** Posted **Jul 18, 2019, 6:28 PM**

Quote:

Originally Posted by iheartphilly

Giveth...then...taketh...

City's $118 million property reassessment suffers huge blow

https://www.bizjournals.com/philadel..._news_headline

Article behind my paywall...

Thanks goodness for commonsense. Does the city have to provide refunds or tax credits too?

PHL10 · #**12446** Posted **Jul 18, 2019, 6:42 PM**

Quote:

Originally Posted by ScreamShatter

Thanks goodness for commonsense. Does the city have to provide refunds or tax credits too?

Based on the summary blurb, this is only for commercial assessments and may explain why the City just did "round two" of 2020 increases for residential properties.

cardeza · #**12447** Posted **Jul 18, 2019, 7:08 PM**

Quote:

Originally Posted by Redddog

Both of those taxes are crazy but the city wage tax is a much bigger deterrent, IMO.

wage tax isnt really a deterrent for companies, especially not larger ones that pay well.

cardeza · #**12448** Posted **Jul 18, 2019, 7:09 PM**

Quote:

Originally Posted by ScreamShatter

Thanks goodness for commonsense. Does the city have to provide refunds or tax credits too?

This is temporary reprieve- they will pay up eventually. Delaying the inevitable by a year or two.

Londonee · #**12449** Posted **Jul 18, 2019, 7:14 PM**

Quote:

Originally Posted by ScreamShatter

Thanks goodness for commonsense. Does the city have to provide refunds or tax credits too?

What's so common sensical about it? Seems like a big loss for the city's tax base and a big gain for billion-dollar property owners?

This has nothing to do with residential assessments.

jsbrook · #**12450** Posted **Jul 18, 2019, 9:44 PM**

Quote:

Originally Posted by Londonee

What's so common sensical about it? Seems like a big loss for the city's tax base and a big gain for billion-dollar property owners?

This has nothing to do with residential assessments.

It's all based on the uniformity clause too. The City's just going to have to figure out how to release all the new assessments for all property types in the same year. I'm sure it will.

ScreamShatter · #**12451** Posted **Jul 19, 2019, 12:11 PM**

Quote:

Originally Posted by Londonee

What's so common sensical about it? Seems like a big loss for the city's tax base and a big gain for billion-dollar property owners?

This has nothing to do with residential assessments.

I couldn't see the full article. I thought it was for residential properties.

Londonee · #**12452** Posted **Jul 19, 2019, 1:33 PM**

Quote:

Originally Posted by jsbrook

It's all based on the uniformity clause too. The City's just going to have to figure out how to release all the new assessments for all property types in the same year. I'm sure it will.

Yeah I saw that, this doesn't seem to be a huge long-term problem - but will now spend months/time/$$ continuing to battle this.

iamrobk · #**12453** Posted **Jul 19, 2019, 1:41 PM**

I hate to be so cynical about these things but like even if these commercial property owners win this lawsuit they'll end up getting hit just as hard (if not more) by the next wave of reassessments. (To be clear, I don't mean the city will target the plaintiffs in the lawsuit, just commercial properties generally.)

cardeza · #**12454** Posted **Jul 19, 2019, 1:49 PM**

Quote:

Originally Posted by iamrobk

I hate to be so cynical about these things but like even if these commercial property owners win this lawsuit they'll end up getting hit just as hard (if not more) by the next wave of reassessments. (To be clear, I don't mean the city will target the plaintiffs in the lawsuit, just commercial properties generally.)

exactly- all this means is the City will make sure to include them in the next round of assessment corrections/updates

Milksteak · #**12455** Posted **Jul 19, 2019, 4:49 PM**

Irish Pub's 12th and Walnut location closes after 38 years

Nnoooooooooooooo. I spent many a forgotten night here.

Urbanthusiat · #**12456** Posted **Jul 19, 2019, 8:40 PM**

While we're talking about employment growth, I updated this chart with the latest BLS figures released today and it shows we continue to outpace Boston and DC in job growth in 2019. We've added about 15% more jobs that we would have if growth were evenly distributed. New York's growth is really impressive given it's already massive size. Springfield MA is also really impressive.

eixample · #**12457** Posted **Jul 19, 2019, 9:07 PM**

That tax assessment case will definitely be appealed to Commonwealth Court and there is a non-negligible chance (maybe a decent chance) it gets reversed. This ruling seems like it would constrain local governments in assessing property and I'm not sure that is a great policy overall.

Urbanthusiat · #**12458** Posted **Jul 19, 2019, 9:25 PM**

Just saw a retail leasing poster outside of the space in CHOP’s new building along the South Street Bridge. Would be a good spot for a coffee shop/bakery, a ton of people cross the bridge everyday going towards Penn.

jsbrook · #**12459** Posted **Jul 20, 2019, 2:12 PM**

Quote:

Originally Posted by Milksteak

Irish Pub's 12th and Walnut location closes after 38 years

Nnoooooooooooooo. I spent many a forgotten night here.

Hum. Haven't been to that one much, but I have had some good times at their other location. I wonder what these "longterm" plans are. While not remarkable, I kind of like this little brick building and that of Oloroso next door. If he sells them to be bulldozed and replaced with a midrise, I hope the quality is good.

jsbrook · #**12460** Posted **Jul 20, 2019, 9:49 PM**

Corner lot at 12th and Walnut that used to have a Cosi is being redeveloped: https://www.google.com/maps/place/12...!4d-75.1606651 Took pictures of all the permits but am rushed and don't have time to post. I'll post tomorrow. I can't tell from the permits what it will actually be.