City officials said the proposed wage tax rates would be the lowest since 1976, and they estimate the cuts would provide a total of $260 million in relief. PHLBizJournal has the story.
City officials said those would be the lowest wage tax rates since 1976 and estimate the cuts would provide a total of $260 million in reliefThe City of Philadelphia has conducted property reassessments for the first time since before the COVID-19 pandemic, with rising home values set to drive up property taxes.
To offset the additional burden on residents, city officials said Tuesday they are looking to soften the blow by reducing other taxes, particularly the wage tax,For the 580,000 residential, commercial, industrial and institutional properties that were recently reassessed across Philadelphia, the city found a 21% increase in aggregate value since the last time properties were evaluated in tax year 2020. That includes a 31% increase for residential properties.
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