Many Downtown Pittsburgh residents have enjoyed all of the benefits of living downtown while also enjoying a big savings in real estate taxes. New construction condo and loft projects in Downtown Pittsburgh qualify for the LERTA tax abatement which saves owners over $6,000 a year in taxes for 10 years and it's transferable to a new owner if the property is sold the new owner gets the remaining years of tax savings. 151 First Side, Piatt Place, The Carlyle and Otto Lofts are the main larger buildings that offer this abatement as well small new developing buildings on Penn Ave.
In July of 2007 Mayor Luke Ravenstahl approved legislation which encourage more development in downtown and 26 neighborhood growth zones with the enhancement of two existing tax abatement programs known as LERTA and Act 42. The Mayor's plan seeks to spur more development by increasing the life of the tax cut, applying it to renovations and rehabilitations, and expanding it to include more neighborhoods. The programs provide a 10 year tax-credit based on the increment between the pre-development tax assessment and the post development assessment.
The Enhanced LERTA program, which applies to downtown, the Strip District, Uptown and the North Shore, will benefit 181 rental and 147 for-sale condominiums. The Enhanced Act 42 program, which applies to the 26 neighborhood growth zones, has resulted in 30 more affordable housing units in more than 11 neighborhoods.
We would be happy to answer any questions you may have about the program, just contact us.
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