Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by reducing the amount of real estate taxes to be exempted for certain improvements to, or construction of, certain residential, commercial, industrial or other business properties; and by reducing the duration of such exemptions; 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
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?19-1303(2). Authorization to Offer Exemption from Real Estate Taxes on Improvements to Residential Properties.
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E. Exemption Schedule.
(1) The assessable amount of the improvement costs shall be exempted from real estate taxes for ten (10) years, as follows: one hundred percent (100%) of the assessable amount of the improvement costs shall be exempted in the first year through the seventh year; seventy-five percent (75%) in the eighth year; fifty percent (50%) in the ninth year; and twenty-five percent (25%) in the tenth year. The exemption shall commence for the first year for which improvements would otherwise be taxable. After the tenth year, the exemption shall terminate.
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?19-1303(3). Authorization to Offer Exemptions from Real Estate Taxes on Improvements to Deteriorated Industrial, Commercial or Other Business Properties.
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D. Exemptions.
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(2) Exemption schedule.
(a) The assessable amount of the improvement costs shall be exempted from real estate taxes for ten (10) years, as follows: one hundred percent (100%) of the assessable amount of the improvement costs shall be exempted in the first year through the seventh year; seventy-five percent (75%) in the eighth year; fifty percent (50%) in the ninth year; and twenty-five percent (25%) in the tenth year. The exemption shall commence for the first year for which improvements would otherwise be taxable. After the tenth ye...
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