Downtown condo buyers to get tax break

Pittsburgh Tribune-Review - October 16, 2007
By Sam Spatter

A tax savings bonanza awaits those who build housing -- or significantly improve residences -- Downtown and in 28 other neighborhoods.

Act 42, a 10-year tax abatement program recently passed by the city and Pittsburgh Board of Public Education to encourage new housing development and substantial rehabilitation of existing houses, offers a tax break up to $6,180 annually -- or $61,800 over the 10 years -- based on current millage rates.

The program, first introduced by Mayor Luke Ravenstahl in February, can be of particular value Downtown, where the city has focused redevelopment efforts on new housing, including condominiums, experts say.

Read more...