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The assessed value of Center City’s Trophy & A office buildings has risen $1.6 billion in two years, creating an average tax bill increase of nearly 38 percent since 2017

• JLL tracks forty four Class A buildings in between the two rivers, of which ten are considered trophy. 2019 assessments have increased their collective market value by an average 5.4 percent since last year. Compared to the average increase the city’s 580,000 parcels, this year’s bump is modest: 7.6 percent is the average across Philadelphia. But when the previous year’s more dramatic assessment is added in, we see that the two-year increase amounts to an average 37.5 percent for CBD office buildings, as compared to an average 22 percent citywide increase in assessed property values over the same two-year period.

• With or without a proposed 4 percent tax increase, there are serious implications to a $1.6 billion increase in assessed value since 2017. In that year, taxes made up just over $2 per square foot averaged across the inventory, whereas the 2019 average will now be around $2.87 under the current rate, and may climb to an average $2.99 per square foot if the increase is enacted. 


Source: JLL Research, Philadelphia Office of Property Assessment




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