Tax Abatement Plan Promotes City Development
November 15, 2008
Both the Pittsburgh Post-Gazette and the Tribune-Review covered Mayor Luke Ravenstahl’s visit to the condos at 941 Penn Avenue, where 16 of the 17 condominium units have sold. The condos are part of the city of Pittsburgh’s ten year tax abatement, which waives up to $6,200 a year in city and school taxes each year for ten years. The abatement lowers the assessed value of properties by up to $250,000.
The program is designed to provide incentives for development in the city (and select surrounding areas). Buyers in the news articles report that the property tax abatement has been a part of their decision to live downtown.
Here are the articles:
Tax abatement plan shows promise, city leaders say – Pittsburgh Tribune-Review.
Pittsburgh tax break for new housing is working, mayor says – Pittsburgh Post-Gazette.
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