The city of Philadelphia provides home buyers a 10-year tax abatement on new construction.  The program encourages new construction in the city to attract more homeowners to Philadelphia.

Since the abatement program started in 2000, real estate development in Philadelphia has grown 376% while suburban development decreased by 11.25%.

In terms of dollars and cents, the Philadelphia Tax Abatement tax savings for a new homeowner at The Overlook is over $80,000 over the 10-year period.