Title
Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," by providing that real estate taxes imposed by the Board of Education of the School District of Philadelphia on a property shall not increase in any one year 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, 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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(34) For tax year 2003, the [The] tax imposed by the Board of Education of the School District of Philadelphia shall be at the rate of three dollars and eleven and one-half cents ($3.115) 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 2002 for the imposition of tax for the year 2003] the Taxable Assessed Value of the property, calculated as follows:
(a) For tax year 2003, "Taxable Assessed Value" shall equal the lesser of (i) the assessed value of a property as returned by the Board of Revision of Taxes during 2002, or (ii) the sum of 110% of the assessed value of the property as returned by the Board of Revision of Taxes during 2001 plus any increase in the assessed value of the property as returned by the Board of Revision of Taxes during 2002 that is solely attributable to the construction of new buildings or structures or to new improvements made to existing buildings and structures.
(b) Nothing in this subsection (34) shall affect the manner in which any eligible property is afforded a tax abatement authorized by any other provision of this Code, and the Board of Revision of Taxes shall continue to administer the abatement programs in the same manner in which...
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