Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by providing that for tax year 2007 and thereafter, real estate taxes levied under that Chapter 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 19-1300 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] Taxable Assessed Value of the property as calculated under subsection 19-1301(2):
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 thereafter $3.474
(2) 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 assessments returned during 2006, computes market value as 100% of actual market value and uses a predetermined ratio of 100%, then the Adjusted Base Year Assessment for tax year 2007 would be $35,000 x (100% ÷ 71%) x (100% ÷ 32%) = $154,049.
(ii) Assessment Ratio. The ratio th...
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