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Amending Section 19-1301 of The Philadelphia Code, entitled Real Estate Taxes, to decrease the rate of tax on real estate within the City of Philadelphia, under certain terms and conditions.
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THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Section 19-1301 of The Philadelphia Code, entitled Real Estate Taxes, is hereby amended to read as follows:
§19-1301. Real Estate Taxes.
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(8) A tax is hereby levied on each one hundred dollars ($100) of the assessed value of taxable real property returned by the Board of Revision of Taxes in the preceding year at the rate of three (3) dollars and forty-seven and four-tenths (47.4) cents for the year 2003 and thereafter.
SECTION 2. Section 1 of this Ordinance shall be effective only if and when the tax authorized by Section 19-1801 of The Philadelphia Code is imposed by the School District of Philadelphia at a 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, and only if the School District imposes said tax at said rate on or before June 30, 2002.
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Explanation:
Italics indicate new matter added.
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