Can someone tell me what the property taxes will be after the tax abatement expires for the property at 1407 Cherry Blossom Way, Phila., PA 19111?

Help the community by answering this question:

7
The closest comaparable for the Meadowbrook Estate homes are the Fox Run Homes less then 3 minutes away, also a closed community, one way in, one way out. Tax abatements are over at Fox Run and taxes are in the low \$3,800 to high \$4,500 per year. So monthly Taxes may be between \$317 to \$375. per month. However with the city's new assessment program these figures may change hopefuly for a lower equitable tax amount, according to the city's tax assessment proponents.
You are asking a question many people ask. As a new construction specialist, I can tell you NO ONE can answer your question with accuracy. There are two factors - (1) what will assessment be at time of end of abatement and (2) what will the tax rate be.
So, given that those are not known 10 years from now, all you can do is look at similarly priced/sized homes in the area to GUESS. It is TYPICAL but not always the case that .8% of value is CLOSE to taxes in philadelphia. 900k homes often have 7k in taxes and 400k homes have 3k in taxes. 200k homes often have 1500 in taxes.....There are many variation on this theme and a large varriance in actual taxes/values.
So keep in mind there is no "definite answer".
taxrate ~ 8.3%

Currently the guy is paying 396.67 from which \$4,800 is taxable. From the 10 year abatement, \$73,120 is exempt.

The math below:
Tax rate = 396.67 / 4,800 = 0.082639583 ~ .083

tax rate multiply total assessment (assessed land & improvement) = .083 X \$77,920 = \$6467.36

The bad thing about all these rehabs are the taxes. It seems to make taxes sky rocket to multiple times what they were originally were, once they come off their 10 year tax abatement. Thats why the city loves giving them out, because in the long run, they get more taxes from these places, spurs development in the city and gentrifies run down neighborhoods.

Source
http://opa.phila.gov/opa.apps/Search/SearchResults.aspx?id=2…

Year Market Value Assessed Land (Taxable) Assessed Improvement (Taxable) Assessed Land (Exempt) Assessed Improvement (Exempt) Total Assessment Gross Tax
2011 \$243,500 \$4,800 \$0 \$0 \$73,120 \$77,920 \$435.94
Certified Values
Year Market Value Assessed Land (Taxable) Assessed Improvement (Taxable) Assessed Land (Exempt) Assessed Improvement (Exempt) Total Assessment Gross Tax
2010 \$243,500 \$4,800 \$0 \$0 \$73,120 \$77,920 \$396.67
2009 \$243,500 \$4,800 \$0 \$0 \$73,120 \$77,920 \$396.67
2008 \$243,500 \$4,800 \$0 \$0 \$73,120 \$77,920 \$396.67
2007 \$243,500 \$4,800 \$0 \$0 \$73,120 \$77,920 \$396.67
2006 \$243,500 \$4,800 \$0 \$0 \$73,120 \$77,920 \$396.67
2005 \$243,500 \$4,800 \$0 \$0 \$73,120 \$77,920 \$396.67
2004 \$15,000 \$4,800 \$0 \$0 \$0 \$4,800 \$396.67
Hi Mr. Paul,

How are you? Thank you for your inquiry. When tax abatement expires, the homeowner would get an assessment on their property to determine what is the tax going to be for the year. It will most likely be similar to the taxes that are around your neighborhood at that time.

Hope that helps!

***** If you like the answer - please consider giving it a Thumbs-up & making it a "Best Answer" ! Thank you! *****

Best Regards,
Phong Lam, CSM
REALTORÃ‚Â®
2010 Oregon Avenue
Fax: (215) 336-7793
Mobile: (267) 918-1880
Email: Phong.Lam@c21ag.com
http://www.c21ag.com

Century 21 Advantage Gold Top 21 Percent Award for 2009!
A referral from you would be the biggest compliment you could give me!
Hi There...
It's Great that you took the time to inquire with professionals as soon as questions arise. There will be more questions throughout the Home Buying/Selling Process hence the importance in finding an agent that will be available at anytime to answer. If you have not established a relationship with an agent, please use my information below to discuss the Home Buying/Selling Process further and also to begin moving towards satisfying your interest in Real Estate. Speak with you soon.

Tamara EL-Mekki
215-919-1101
telmekki@kw.com
Good Morning Mr. Vu,

The best way to get the information needed is to go to the Board Revision of Taxes in Philadelphia. It is located at the Curtis Center at 601 Walnut St. Suite 300. The telephone # is 215-686-4334. They should be able to help.
You Can get a free tax assement from the state if it wont be completely accurate but it' the closes price estimate you will get . You can also go to http://www.phila.gov and look at the yearly taxes in area that would also give you a close estimate