Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by specifying a rate for tax years 2007 and thereafter that is dependent on total taxable assessed values certified by the Board of Revision of Taxes, and by making technical amendments, 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 hereby amended to read as follows:
CHAPTER 19-1300. REAL ESTATE TAXES
§19-1301. Real Estate Taxes.
(1) 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
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 each year thereafter] through 2006
$3.474
2007 and thereafter
The rate provided under §19-1301(2)
(2) Tax Rates for Tax Year 2007 and thereafter.
(a) Definitions.
(i) Applicable Fiscal Year. The Fiscal Year that begins July 1 prior to the beginning of the tax year.
(ii) Collection Factor. Nine-tenths (.9).
(iii) City-wide Taxable Assessed Value. The total taxable assessed value of all property in the City as certified by the Board of Revision of Taxes in the year immediately preceding the tax year.
(iv) Target Tax Revenues. Current real property tax receipts budgeted for the Applicable Fiscal Year, as set forth in the Mayor's Budget in Brief as proposed to Council, unless otherwise provided by Council in an ordinance passed no later than the date Council passes the operating budget ordinance for the Applicable Fiscal Year.
(v) Target Tax Billings. Target Tax Revenues divided by the Collection Factor.
(b) The tax rate for tax year 2007 and for each tax year thereafter shall equal T...
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