Parking Lot Tax Ruling Might Mean Tighter Budget for City, Schools

Race Street Parking Associates had its property taxes reduced by 44 percent by a ruling issued by the Board of Revision of Taxes. Last summer, a state property board established a new assessment ration. That might be a problem for Philly because 60 percent of the city’s nonresidential properties filed similar appeals. In total, Philadelphia could miss out over $80 million in funding. [Inquirer]