PHILADELPHIA-Mayor Michael Nutter‘s tax reform plan could net some major commercial property owners here huge tax savings.
Under the tax reassessment proposal, the largest tax decrease for a single parcel in the city would be for the investor group that owns the Franklin Mills Mall, which would see its property taxes fall by 60%, according to the Inquirer. The tax on the mall property at 4301 Byberry Rd. could be $2.25 million next year, down $3.38 million from this year’s estimated bill of $5.63 million, the newspaper reports.
“It’s been a great week for the office-building owners. They’ve been getting the shaft for about 20 years, so it’s about time,” Reaves C. “Trip” Lukens III, a private real estate appraiser in Philadelphia, says. See story in The Inquirer.