Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by providing that for tax year 2004, 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 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.
ยง19-1301. 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(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) For all tax years other than tax year 2004, "Taxable Assessed Value" shall equal the assessed value of taxable real property returned by the Board of Revision of Taxes for the year preceding the tax year.
(b) For tax year 2004, "Taxable Assessed Value" shall equal the lesser of (i) the assessed value of a property as returned by the Board of Revision of Taxes during 2003, or (ii) the sum of 110% of the assessed value of the property as returned by the Board of Revision of Taxes during 2002 plus any increase in the assessed value of the property as returned by the Board of Revision of Taxes during 2003 that is solely attributable to the construction of new buildings or structures or to new improvements made to existing b...
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