All Forum Posts by: Account Closed

Hard to say without looking at the exact property, but a two family use could be allowed without a variance in a CMX-3 property.

Rental license doesn't mean much as far as if the variance is really allowed for the property.

You can check atlas.phila.gov to see all the previous zoning docs.

 What are the passive losses from? This partnership that was sold or separate activities? Like Ashish said the PALs related to the partnerships that were completely disposed of will be released in the year of disposition.

This is a complicated transaction. What do you own? A partnership that owned a partnership who's interest was sold, so the partnership you own still remains?

@Anthony Engel certainly possible but seems unlikely. You can use atlas.pa.gov to search any property and see the 6 year assessment history.

edit: sorry atlas.phila.gov

I think they do it annually, but they skipped 2021, so next assessment notices will be 3/2022 in effect to 2023. I don't think a sale will trigger reassessment.

@Scott Mac

Income tax is just one type of taxation. There is no sales tax in DE and very low property taxes.

https://wallethub.com/edu/stat...

Probably not as bad as Philadelphia, because they are going to adjust the rate, so the total tax collected by the county will be the same. Higher value areas like the coastal area will go up like 50% and more rural areas with lower values will go down 50% because in 1979 there wasn't that great of a FMV difference. Don't know what specific towns will do because many of them rely on the county assessments. Will definitely be a shock to some.

In Sussex County where real estate taxes are low they are planning to reassess property values for the first time since 1974, so may see some wild swings in real estate taxes in the next couple years for properties that have been underassessed for decades.

Issue in the area is demand right now, especially in the towns you are talking about. Lots of people moving the area due to remote work or low taxes in retirement so the price of housing is high and multi-family is basically non-existent compared to a metro area.

I use Erie Insurance and specifically Eckroth Insurance Group. They are PA based so more used to the issues that houses in the area have like flat roofs and sewer/utility lines. My policies cover replacement value, personal liability of $1MM, and various other smaller coverages. 

probably not if it's not your primary residence https://www.phila.gov/services...