Title
Amending Chapter 19-3900 of The Philadelphia Code, entitled "Tax Exemptions for Longtime Owner-Occupants of Residential Properties," by extending the time for which such exemptions are available, under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 19-3900 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 19-3900. TAX EXEMPTIONS FOR LONGTIME OWNER-OCCUPANTS OF RESIDENTIAL PROPERTIES.
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§ 19-3902. Definitions.
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(6) "Income." As defined at 24 Code of Federal Regulations (CFR) Section 5.609 (referred to as "Part 5 annual income").
(7) "Low-income longtime owner-occupant." A longtime owner-occupant whose total household income is less than or equal to eighty percent (80%) of the Area Median Income, adjusted for household size, as established by the U.S. Department of Housing and Urban Development in its most recent publication for Philadelphia County.
§ 19-3903. Eligibility for Exemption of Real Property Taxes.
(1) Real property shall be eligible for the exemptions provided for under this Chapter if it meets all of the following conditions:
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(f) [The] For the first ten years, the total household income is less than or equal to one hundred fifty percent (150%) of the Area Median Income, adjusted for household size, as established by the U.S. Department of Housing and Urban Development in its most recent publication for Philadelphia County. For any tax year after the first ten years, the long-time owner-occupant must qualify as a low-income longtime owner-occupant.
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§ 19-3905. Benefit Determinations.
(1) For purposes of calculating City and School District real estate taxes, upon application pursuant to subsection (2), below, if the certified market value of an eligible property for any tax year, minus any homestead exclusion, is more than three times the certified m...
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