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. Under the bill, for example, a home now listed as worth $100,000 but gets reassessed at $400,000 would be taxed only on $300,000.
