Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled Real Estate Taxes, by specifying a rate for future tax years that is dependent on total taxable assessed values certified by the Board of Revision of Taxes, and by making technical amendments, under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 19-1300 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 19-1300. REAL ESTATE TAXES.
§19-1301. Real Estate Taxes.
(1) For each of the following years, a tax is hereby levied at the following respective rates on each one hundred (100) dollars of the assessed value of taxable real property returned by the Board of Revision of Taxes in the year immediately preceding the stated year:
Year of Tax |
Tax Rate |
1974 to 1976 |
$1.975 |
1977 to 1980 |
$3.275 |
1981 to 1982 |
$3.475 |
1983 to 1984 |
$3.90 |
1985 to 1988 |
$3.505 |
1989 to 2002 |
$3.745 |
2003 [and each year thereafter] through ---- |
$3.474 |
---- and thereafter |
The rate provided under §19-1301(2) |
(2) Tax Rates for Tax Year 2007 and thereafter.
(a) Definitions.
(i) Applicable Fiscal Year. The Fiscal Year that begins July 1 prior to the beginning of the tax year.
(ii) Collection Factor. Nine-tenths (.9).
(iii) City-wide Taxable Assessed Value. The total taxable assessed value of all property in the City as certified by the Board of Revision of Taxes in the year immediately preceding the tax year.
(iv) Target Tax Revenues. Current real property tax receipts budgeted for the Applicable Fiscal Year, as set forth in the Mayor's Budget in Brief as proposed to Council, unless otherwise provided by Council in an ordinance passed no later than the date Council passes the operating budget ordinance for the Applicable Fiscal Year.
(v) Target Tax Billings. Target Tax Revenues divided by the Collection Factor.
(b) The tax rate for tax year ---- and for each tax year thereafter shall equal Target Tax Billings multiplied by 100 divided by City-wide Taxable Assessed Value. If for any tax year after ---- there is no figure for current real property tax receipts in the Mayor's Budget in Brief for the Applicable Fiscal Year and if Council has not otherwise defined Target Tax Revenues in an ordinance passed by the deadline set forth in subsection (2)(a)(iv) (in which case Target Tax Revenues cannot be defined for that tax year), then the tax rate for that tax year shall be the same as the tax rate for the prior tax year.
(c) By October 1 of each year, the Finance Director shall calculte the tax rate for the upcoming tax year, shall provide written notice of such tax rate to the Board of Revision of Taxes and to the President and all members of Council, shall arrange for publication of such tax rate in a newspaper of general circulation in the City, and shall provide for publication of the tax rate on the City's official website.
[(3) If the Commonwealth of Pennsylvania fails to provide legislation enabling City Council to enact Bill No. 131, introduced April 26, 1984, providing for the imposition of Business Privilege Taxes for Fiscal Year 1985, or if City Council fails to adopt Bill No. 131 for Fiscal Year 1985, the rate of tax shall be three (3) dollars and seventy-five and one-half (75½) cents for the years 1985 through 1988.
(4) In the event that a court of competent jurisdiction enters a final order from which all appeals have been exhausted, determining that City Council lacked the authority to impose this rate for the year 1989, the rate shall revert to three dollars and fifty and one-half cents ($3.50½) for the year 1989.]
* * *
-----------------------------------
Explanation:
[Brackets] indicate matter deleted.
Italics indicate new matter added.
End