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Among CBD office properties, taxable assessed land values grew 95% over two years, accounting for 4.8% more of total assessed office value in 2019 than in 2017

  • ​An analysis of 87 office properties that JLL tracks within Center City (Market East and Market West) reveals that while the share of assessed value attributable to buildings themselves remains largely unchanged (approximately 80 percent of total market value), taxable land accounts for a significantly higher percentage of assessed value in 2019 (17.3 percent) than it did in 2017 (12.5 percent). Over these two years, taxable land has increased in value by 95.2 percent, as the value of taxable improvements grew by 38.3 percent.

  • Even as land values have increased faster than taxable improvements, the overall exempt improvements (building value exempt from taxes) has declined by 39 percent over the same period, a nearly $147 million decline in non-taxable building value across these office properties, now accounting for less than 3 percent of total market value in this property set. The combination of less overall exempt value and a sharp uptick in land values both contribute to the higher tax bills facing CBD office landlords for 2019. 

Source: JLL Research, City of Philadelphia Office of Property Assessment

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