Title
Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," by providing that for tax year 2007 and thereafter, real estate taxes imposed by the Board of Education of the School District of Philadelphia on a property shall not increase by more than a specified percentage as the result of an increase in the assessed value of the property as returned by the Board of Revision of Taxes, and by making certain technical amendments; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 19-1800 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 19-1800. SCHOOL TAX AUTHORIZATION
ยง19-1801. Authorization of Tax.
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(2) For each of the following years, the tax imposed by the Board of Education of the School District of Philadelphia shall be at the following respective rates on each one hundred dollars ($100) of [assessed value of taxable real property as returned by the Board of Revision of Taxes as the assessment made in the year immediately preceding the stated year] the Taxable Assessed Value of the property as calculated under subsection 19-1801(3):
Year of Tax Tax Rate
1964 to 1965 $0.12
1966 to 1973 $0.425
1974 $0.825
1975 to 1976 $1.125
1977 to 1980 $1.225
1981 to 1983 $1.60
1984 $1.90
1985 to 1988 $2.295
1989 to 1990 $2.445
1991 to 2002 $2.844
2003 and thereafter $3.115
(3) Taxable Assessed Value.
(a) Definitions.
(i) Adjusted Base Year Assessment. The assessed value of a property as returned by the BRT during the Base Year, adjusted for any changes in the Assessment Ratio from the Base Year to the Prior Year. For example, if the assessed value of a property as returned by the BRT during 2005 were $35,000, based on a market value equal to 71% of actual market value and a predetermined ratio of 32%, and if the BRT, for assessmen...
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