Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by specifying a rate for tax year 2004, specifying that rates thereafter be dependent on total taxable assessed values certified by the Board of Revision of Taxes, changing the billing year from a calendar year to a fiscal year; 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 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 calendar 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] $3.474
2004 $3.474
Calendar 2005 and thereafter Pursuant to §19-1301(A)
(2) Determination of Real Estate Tax Rates pursuant to §19-1301(A) for Tax Year 2005 and thereafter.
(a) Definitions.
(i) Collection Factor. The Collection Factor is defined as the average collection percentage for the first three of the four Tax Years next preceding the Tax Year for which the real estate tax is being calculated. Notwithstanding the foregoing, the Collection Factor for 2005 is set at nine-tenths (0.9).
(ii) 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.
(iii) City-Wide Taxable Assessed Land Value and City-Wide Taxable Assessed Improvements Value. The City-Wide Taxable Assessed Value separately stated by the Board of Revision of Taxes for lands and improve...
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