PHILADELPHIA CITY COUNCIL PASSES STRICTER REAL ESTATE TRANSFER TAX BILL

Transfer TaxEffective July 1, 2017 a “real estate company” owning Philadelphia real estate will owe realty transfer tax on its real estate on a change of 75% or more of the total ownership interest in the company within a 6-year period instead of a 90% or more change in its ownership over a 3 year period.

 

Reference: Chapter 19-1400, Philadelphia Code

 

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