New Philadelphia Transfer Tax Legislation

Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes

New legislation introduced in support of increasing real estate transfer tax in Philadelphia from 4.278% to 4.578% beginning July 1. Some savings potentially available for those looking to purchase or sell real estate if those transactions can be completed on or before June 30, 2025.

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Alan AsriantsBusiness Member
Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
1y
No way, they are actually planning on hiking up the already high transfer tax? City does nothing good for homeowners and they want more money. WE need a DOGE in the city. bunch of people pushing problems from one department to another. Tried to get illegal dumping issue resolved on my property only to get hung up on on my zoom meeting. I was charged a fee for reporting illegal dumping - I was told if I report it, I have to pay. Yet in the meeting they told me to report it to the exact people that I did. No ones knows whats going on in other departments. When I asked nicely who I can speak to about this issue I was yelled at and told that they don't handle this.
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Alan Asriants - New Century Real Estate 590 Reviews
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Stuart UdisPro Member
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Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
1y
@Alan Asriants haha sounds about right. Whenever brokers tell me my offer is too low or my assumptions are off I respond with "you're not accounting for the Philly Investor Tax". When they ask what tax I am referncing I explain its the cost of dealing with the BS that will inevitably arise. Between delays, wasted man hours, misc. fees and penalties the cost figure is real and it deserves a place in your pro-forma. The irony in this all is the poor job the city does of collecting revenues and waste that goes along with it. In the last week:
1. I recieved my first tax bill for a parcel subdivision that occurrd two years ago! In fact the predecessor tax parcel which hasn't existed for two years continued to be issued tax bills and the city solcitor office actually spent the man hours to place a tax lien on the predecessor parcel! I callled their office to have it removed because it shares the same street address as one of the new parcels I created even though legal description and tax ID differ but don't want the confusion lingering out there in space.
2. The streets dept. now makes commercial use lane closures submit requests for on street dumpsters through a different site. Requests have to be made aprox 2 weeks before the date in which you need the dumpster. I had a request for one submitted a few weeeks ago with a start date of tomorrow. Never even reviewed the application. They nicely issued me one for next week instead when I asked for the different dates instead of making me resubmit for April but I am trying to get a fit out for a restaurant done that is going to generate a few million a year in revenues aka tax revenue for the city, why in the world don't they want this done sooner?
3. Had to resubmit building permit application for new construction townhomes and got assigned to a different examiner than the first round of reviews who already had familiarity with the project...talk about efficiency.
4. I mustve filled out a form on the District 8 website 3 months ago about a street light that was out at the corner of one of my properties. I recieved a voice message on monday from a staff member and the message started with "I just got your messag about...".
That's Philly for you....
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