There was concern that Philly’s budget would include a real estate tax hike. With a recent vote, the budget passed and the Philadelphia Real Estate Tax is NOT going up.
With a 13-4 vote, the Philadelphia city council passed a $4.3 billion spending plan that does not include any new real estate taxes; much to the delight of homeowners. The plan does not add any additional taxes, however the council would not say if that was permanent.
There is a possibility that new taxes could be voted on in 2019. However, 2019 is an election year and proposing new taxes is usually a no go. However, the vote would also take place after the primaries which would put many candidates in a safer position if they were to vote afterward.
The new spending plan purports to put local schools and education funding in a better position.
“We believe that, in terms of stability, this lends itself … to stability when it comes to labor peace. We have stability in respect to multi-year funding for schools.” – Council President Darrell Clarke.
A construction tax was voted on and passed as well, though it has not been signed by Mayor Kenney. The mayor had previously been against the construction tax. It remains to be seen if it will ultimately be signed or not.
“The Finance Department’s analysis finds that, over five years, the proposed tax on new construction activity would have a net loss to the city … of more than $30 million,” said Kenney spokesman Mike Dunn.
No New Taxes?
There will be no increase Philadelphia Real Estate Tax this year. However, Philadelphia has added other taxes in recent years, most notably their infamous soda tax. All of these contribute to the overall cost of living.
How do you know what your cost of living is? By downloading City vs City of course!
City vs City is a powerful cost of living calculator which uses real, local data to determine the cost of living in your city. Input your data and let City vs City do the work. Our app examines costs at the zip code level including all major state and local taxes. If there’s a new Philly real estate tax soon, we’ll know it!
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If you want to find out what it costs to live in your city, download City vs City and start comparing!