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Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by providing that real estate taxes levied under that Chapter 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; by providing that if the growth in the total assessed value of all real estate in the City exceeds a specified percentage in any year, then the rate of the real estate tax will be reduced proportionately; 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] Taxable Assessed Value of the property as calculated under subsection 19-1301(3):
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 and thereafter The rate provided under §19-1301(2)
(2) Tax Rates for Tax Year 2004 and thereafter.
(a) Definitions.
(i) Base Year Assessed Value. The total assessed value of all property in the City as certified by the Board of Revision of Taxes for calendar year 2002 for imposition of tax in tax year 2003.
(ii) Maximum Assessed Value.
(A) For tax year 2004, Base Year Assessed Value multiplied by 1.05.
(B) For tax years 2005 and thereafter, the Maximum Assessed Value for the prior tax year, multiplied by 1.05.
(iii) Rate Adjustme...
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