Shorter AVI: Glossy Corporate Towers Win, Your House Loses
The Daily News has compiled a list documenting how AVI is affecting the city’s 25 biggest buildings. And guess what? All of their taxes are going down! “These numbers put in high relief a truth about AVI: It shifts the burden of the real-estate tax from commercial to residential buildings,” they report. “Citywide, commercial buildings are due to save about $72 million in taxes, while homes and apartments wil pay $72 million more.” Below is the tax decrease percentage each building will experience. To get a sense for ho wmuch that is in dollar figures, most will pay between $1 million and $5 million this year in taxes.
The List:
Three Logan Square: -57%
Comcast Center: -57%
Blue Cross Building: -48%
One Liberty Place: -48%
BNY/Mellon Center: -45%
Wells Fargo Building: -45%
Aramark Tower: -45%
One Logan Square: -40%
John Wanamaker Bldg.: -39%
Two Logan Square: -37%
PNC Bank Building: -36%
One South Broad: -33%
Two Liberty Place: -32%
One Commerce Square: -31%
AAA Midatlantic -30%
FIve Penn Center: -28%
The Curtis Center: -28%
Two Commerce Square: -27%
1717 Market: -24%
100 Market: -24%
Centre Square 1 & 2: -17%
Two Penn Center: -14%
1818 Market*: -11%
North American Building: -1%
Cira Centre: No taxes.
*Disclosure: Philly Mag’s offices are located in this building
