Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by further providing for deferrals for taxpayers experiencing significant increases in their real estate taxes, 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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§ 19-1307. Deferrals of Real Estate Tax for Taxpayers Based Upon Household Income, Household Expenses, and Available Liquid Assets.
[(1) The Department of Revenue is authorized to grant deferrals, in whole or in part, of increases in Real Estate Taxes, that may be due the City of Philadelphia or the School District of Philadelphia, upon making a determination of the eligibility for deferral of a property owner.
(2) Eligibility for a deferral of payment of an increase in real estate taxes may be granted for any increase, or portion thereof, of Real Estate Taxes due to an increase in assessed value of real estate, that is greater than fifteen percent (15%), in any given year, upon consideration of the following factors:
(a) Household Income; and
(b) Reasonable Household Expenses including, but not limited to, housing, food, transportation, education, health care, debt service payments, and overall tax burden; and
(c) Available liquid assets.
(3) Interest at the rate of six percent (6%) per year shall be assessed on the total deferred amount due.
(4) The deferral shall be effective until the date of sale of the property.
(5) A property owner may satisfy the debt consisting of the deferred amount and the accumulated interest at any time prior to the sale of the property.]
(1) The Department of Revenue is authorized to grant deferrals, in whole or in part, of increases in real estate tax on any real property, that may be due the City of Philadelphia or the School District of Philadelph...
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