Howard Grossman, senior counsel in Cozen O’Connor’s Real Estate practice group, discusses the potential implications of higher property taxes in Philadelphia. A new piece of legislation, proposed by Mayor Jim Kenney and state lawmakers, could boost rates on commercial real estate 15 percent higher than taxes on residential properties. Howard explains that uncoupling rates on commercial real estate from those on residential properties could also increase the real estate values. According to Howard, “You can’t possibly assess a commercial property in the same way you assess a residential property. To break that linkage will allow properties to be assessed based on their relative values, without punishing homeowners in the city.”

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