Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by providing that real estate taxes levied under that Chapter shall be based on the average of several years of assessed values, so as to smooth out the effect of rapid increases in property values, 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.
ยง19-1301. 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] 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 each year thereafter
$3.474
[(2) If the Commonwealth of Pennsylvania fails to provide legislation enabling City Council to enact Bill No. 131, introduced April 26, 1984, providing for the imposition of Business Privilege Taxes for Fiscal Year 1985, or if City Council fails to adopt Bill No. 131 for Fiscal Year 1985, the rate of tax shall be three (3) dollars and seventy-five and one-half (751/2) cents for the years 1985 through 1988.
(3) In the event that a court of competent jurisdiction enters a final order from which all appeals have been exhausted, determining that City Council lacked the authority to impose this rate for the year 1989, the rate shall revert to three dollars and fifty and one-half cents ($3.501/2) for the year 1989.]
(2) Taxable Assessed Value.
(a) Definitions.
(i) Assessment Ratio. The ratio the BRT uses to determine the market value of a property...
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