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Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by specifying a rate for tax year 2004 that is dependent on total taxable assessed values certified by the Board of Revision of Taxes, and by restating the rates of taxation in tabular form; all under certain terms and conditions.
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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) [A] 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 [preceding] year immediately preceding the stated year:
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 $3.474
2004 The rate provided under §19-1301(2)
2005 and thereafter $3.474
(2) Tax Rate for Tax Year 2004.
(a) Definitions.
(i) Collection Factor. Nine-tenths (.9).
(ii) City-wide Taxable Assessed Value. The total taxable assessed value of all property in the City as certified by the Board of Revision on Taxes for 2003 for imposition of tax in tax year 2004.
(iii) Target Tax Revenues. $334,089,000.
(iv) Target Tax Billings. Target Tax Revenues divided by the Collection Factor.
(b) The tax rate for tax year 2004 shall equal Target Tax Billings multiplied by 100 divided by City-wide Taxable Assessed Value.
(3) If the Commonwealth of Pennsylvania fails to provide legislation enabling City Council to enact Bill No. 131, introduced April 26, 1984, providing for the imposition of Business Privilege Taxes for Fiscal Year 1985, or if City Council fails to adopt Bill No. 131 for Fiscal Year 198...
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