Title
Amending Section 19-1301 of The Philadelphia Code, entitled "Real Estate Taxes," by revising the real estate tax rate, under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Section 19-1301 of The Philadelphia Code is hereby amended to read as follows:
§ 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
* * * * * *
2008 [and each year thereafter] $3.305
through 2010
2011 and 2012 as set forth in §19-1301(1.1)
2013 and each year thereafter $3.305
(1.1) Tax Rate for tax years 2011 and 2012.
(a) Definitions.
(i) Excess Amnesty Collections. The amount by which collections from the City's tax amnesty program, which is in effect from May 3, 2010 through June 25, 2010, exceed $25,000,000, as certified by the Finance Director.
(ii) Tax Revenue Collections. The amount of revenue received by the City from the following revenue sources: wage and earnings tax, net profits tax, real estate tax, business privilege tax, sales tax, real estate transfer tax, parking tax, and amusement tax.
(iii) Tax Revenue Projections. The Tax Revenue Collections projected to be received for a given quarter of the Fiscal Year, as certified by the Finance Director.
(iv) Excess Regular Collections. The amount by which Tax Revenue Collections for the first quarter of the Fiscal Year exceed Tax Revenue Projections for the first quarter of the Fiscal Year, as certified by the Finance Director.
(v) Total Excess Collection. For Fiscal Year 2011, Excess Amnesty Collections plus Excess Regular Collections. For Fiscal Year 2012, Excess Regular Collections.
(vi...
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