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, 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 or Improvements to Residential Properties.
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E. Exemption Schedule.
(1) [The] Eighty percent (80%) of the assessable amount of the improvement costs shall be exempted from real estate taxes for ten (10) years. 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.
(2) Exemption schedule.
(a) [The] Eighty percent (80%) of the assessable amount of the improvement costs shall be exempted from real estate taxes for ten (10) years. The exemption shall commence in the tax year immediately following the year in which the initial certificate of occupancy for the property is issued. After the tenth year, the exemption shall terminate.
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§19-1303(4). Authorization to Offer Exemption from Real Estate Taxes on New Construction of Residential Properties.
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E. Exemption Schedule.
(1) [One hundred] Eighty percent (80%) of the assessable amount of the construction costs shall be exempted from real estate taxes for a period of ten years immediately following the date on which settlement is made, and a required certificate of use and occupancy is issued on an eligible dwelling unit. Aft...
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