Title
Authorizing real estate taxes for the City of Philadelphia and the School District of Philadelphia for Fiscal Year 2013 and thereafter, by amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," to provide for a tax and tax rate on real property, for exclusions, and for an established predetermined ratio; and by amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," to further authorize the Board of Education of the School District of Philadelphia to impose a tax on real estate within the City of Philadelphia, and providing for a tax rate and for exclusions; 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 amended to read as follows:
CHAPTER 19-1300. REAL ESTATE TAXES
ยง 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 year immediately preceding the stated year:
Year of Tax Tax Rate
* * * * * *
2011 through 2012 $4.123
[2013 and each year thereafter] [$3.305]
(b) For tax year 2013, a tax is hereby levied at the rate of $4.462 on each one hundred (100) dollars of the assessed value of taxable real property returned by the Office of Property Assessment or Board of Revision of Taxes for tax year 2011 (using the predetermined ratio of .32 then in effect), adjusted for subsequent improvements, demolition and destruction.
(2) For tax year 2014 and thereafter:
(a) The Tax Rate shall be calculated by dividing the Target Revenue Number by the Total Net Taxable Value.
(.1) The Target Revenue Number shall be $560,086,355 minus the Minimum Tax Revenue.
(.2) The Minimum Tax Revenue shall be $100 multiplied by the...
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