http://www.passyunkpost.com/2017/05/...ssyunk-avenue/
I guess get ready for a Wendy's and a few Starbucks on the Ave -- the rent gonna be too damn high! real soon for local gems.
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"On East Passyunk Avenue, the average commercial assessment rose 65 percent, with a number of property assessments doubling, tripling, or quadrupling. Bryan Fenstermaker, director of the Passyunk Avenue Revitalization Corporation—a group that has helped engineer the successful growth of Passyunk Avenue by picking and choosing tenants in properties it owns and offering deals on rent to some businesses—declined to discuss the tax hikes, because PARC is actually in the process of selling five of its buildings on the avenue. (He did specify, though, that the decision to unload properties was in the works before the new assessments were released.) –
So how much?
At 1801-1803 East Passyunk Avenue, the property that’s home to Stogie Joe’s, the assessed market value went from $305,000 in 2017 to $1,678,300 in 2018, a 450 percent increase year over year, levying an extra $20,000 in annual taxes. At Marra’s, the stalwart Passyunk Avenue Italian restaurant, the assessment rose from $482,400 to $1,174,500, meaning the tax bill will be $10,000 higher next year than last year. And at three properties near the Passyunk fountain owned by PARC—Brigantessa, Black ‘N Brew, and a corner hardware store—assessments rose an average of 145 percent, with a total tax increase of more than $12,000."