Bruce has provided good information below.
I go to settlement on a house at 1302 South 7th St next week. My client, the Seller, applied for a 10 year tax abatement prior to re-construction. The new buyer will have an annaul tax bill of only $888. They will not be re-assessed for improvements for 10 years. It may go up slightly as Philadelphia raises taxes occasionally but this property's assessment will not increase for 10 years.
Please feel free to contact me to discuss your plans. I'd be happy to help you through the process.
All the best,
Larry Lichtman, CNE
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
Real Estate Sales & Leasing
Property Management & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070