PHILADELPHIA-The city's real estate tax reassessment will drastically reduce the taxes on some of the city's high profile office buildings.
For example, the Inquirer reports that Liberty Property Trust's Comcast Tower at 1701 John F. Kennedy Blvd. is listed under the city's new “Actual Value Initiative” (ACI) at approximately $200 million or under $180 per-square-foot. However, the property changed hands in 2007 for more than $500 million or $400-per-square-foot.
The ACI reduces assessments and taxes on buildings that have not been improved, while raising assessments on properties that have instituted capital upgrades, the newspaper reports. See story in The Inquirer.
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