City of Philadelphia - File #: 150445

• File #: 150445
• Version: 1
• Type: Bill
• Status: ENACTED
• File created: 5/7/2015
• In control: Committee on Finance
• Final action: 6/18/2015
• Title: Amending Chapter 19-3900 of The Philadelphia Code, entitled "Tax Exemptions for Longtime Owner-Occupants of Residential Properties," by clarifying that once the "deemed certified market value" is set for purposes of the Longtime Owner Occupants Program ("LOOP"), it shall remain at that value regardless of whether the property is subsequently assessed at a certified market value that is higher or lower than the certified market value that was originally used to calculate the "deemed certified market value"; and by authorizing eligible taxpayers who have obtained the LOOP tax exemption to opt out of the program and to thereafter apply for a homestead exclusion; all under certain terms and conditions.
• Sponsors: Councilmember Squilla, Councilmember Johnson
• Indexes: TAX EXEMPTIONS FOR LONGTIME OWNER-OCCUPANTS OF RESIDENTIAL PROPERTIES
• Code sections: 19-3900 - Realty Use an Occupancy Tax

Date	Ver.	Action By	Action	Result	Tally
6/30/2015	1	MAYOR	SIGNED
6/18/2015	1	CITY COUNCIL	READ AND PASSED	Pass	15:0
6/11/2015	1	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/11/2015	1	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
6/11/2015	1	CITY COUNCIL	READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR
6/8/2015	0	Committee on Finance	HEARING NOTICES SENT
6/8/2015	0	Committee on Finance	HEARING HELD
6/8/2015	0	Committee on Finance	AMENDED
6/8/2015	1	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
5/7/2015	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Amending Chapter 19-3900 of The Philadelphia Code, entitled "Tax Exemptions for Longtime Owner-Occupants of Residential Properties," by clarifying that once the "deemed certified market value" is set for purposes of the Longtime Owner Occupants Program ("LOOP"), it shall remain at that value regardless of whether the property is subsequently assessed at a certified market value that is higher or lower than the certified market value that was originally used to calculate the "deemed certified market value"; and by authorizing eligible taxpayers who have obtained the LOOP tax exemption to opt out of the program and to thereafter apply for a homestead exclusion; all under certain terms and conditions.

Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Chapter 19-3900 of The Philadelphia Code is hereby amended to read as follows:

CHAPTER 19-3900. TAX EXEMPTIONS FOR LONGTIME OWNER-OCCUPANTS OF RESIDENTIAL PROPERTIES.

* * *

§ 19-3905. Benefit Determinations.

* * *

(1) For purposes of calculating City and School District real estate taxes, upon application pursuant to subsection (2), below, if the certified market value of an eligible property for any tax year, minus any homestead exclusion, is more than three times the certified market value of such property for the immediately preceding tax year, then the certified market value of such property for such tax year shall be deemed to equal three times the certified market value of such property for the immediately preceding tax year, and no further homestead exclusion shall be allowed. Regardless of whether the property is subsequently assessed at a lower or higher market value, [T]the foregoing deemed certified market value shall remain the deemed certified market value until such property is sold, transferred or is no longer the principal residence of the eligible taxpayer, or until the eligible taxpayer voluntarily opts out of the program, but in no event for more t...