Philadelphia officials anticipate a substantial decrease of approximately $1 billion in the total assessed value of office buildings throughout the city, attributed to financial challenges faced by property owners and escalating vacancy rates.

Finance Director Rob Dubow highlighted the necessity of accounting for these declining valuations in Mayor Cherelle Parker’s proposed budget for fiscal year 2025 and the city’s five-year plan.

With plummeting office building values resulting in reduced property tax revenue, there are growing concerns despite Philadelphia’s reliance on property tax revenue being comparatively lower than other major cities nationwide.

*Article courtesy of Philadelphia Business Journal

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