Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," and Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," by eliminating the homestead exclusion and making conforming changes, 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 amended to read as follows:
CHAPTER 19-1300. REAL ESTATE TAXES
§ 19-1301. Real Estate Taxes.
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(2) For tax year 2014 and thereafter:
(a) The Tax Rate shall be calculated by dividing the Target Revenue Number by the Total [Net] Taxable Assessed Value.
(.1) The Target Revenue Number shall be $560,086,355 [minus the Minimum Tax Revenue].
[(.2) The Minimum Tax Revenue shall be $100 multiplied by the number of taxable real properties in the City, as certified by the Office of Property Assessment ("OPA") on or before November 15 of the year preceding the tax year.]
[(.3)] (.2) Total [Net] Taxable Assessed Value shall be calculated by adding together the [Net Taxable Value] assessed value of all taxable real property in the City, [as returned by the OPA and as calculated pursuant to subsection (b) below,] as certified by the OPA on or before November 15 of the year preceding the tax year. Taxable real property shall include only properties, or portions of properties, not subject to exemption from or abatement of real estate tax, provided that taxable real property shall include the full value of any property that may be subject to relief under Chapter 19-3900 (longtime owner occupant relief).
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(b) A tax is hereby levied on all real property in the City in an amount equal to [$100 plus] the product formed by multiplying the Tax Rate by [the Net Taxable Value of the property. Net Taxable Value shall be calculated by subtracting the amount of Homestead Exclusion, if any, provided for in § 19-1301.1, from] the assessed ...
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