10-year tax abatements prove costly (infographic)

Philadelphia has long touted its 10-year tax abatement program as a winner. It entices people to build and buy new homes while making Philadelphia an attractive place to do business, the city would say.

But Philadelphia Councilman W. Wilson Goode Jr. says that the tax abatements remove taxpayer dollars that could help the city's fledgeling public school system. Instead, it just helps wealthy developers and rich home buyers, he said.

In fact, the city lost more than $1.5 million in tax revenue from the Comcast Center — which could pay for nine teachers and 12 nurses, according to Philadelphia Coalition Advocating for Public Schools (PCAPS).

In this week's centerpiece story, real estate reporter Natalie Kostelni examined the controversy that the 10-year tax abatement fuels between the city and developers. She also spoke to home buyers that thought their properties came with the abatement, but actually didn't.

Check out the accompanying infographic to see just how much tax revenue was lost from the abatement, according to PCAPS.

Source: Philadelphia Business Journal