Title
Amending Section 2-305 of The Philadelphia Code, entitled "Office of Property Assessment; Chief Assessment Officers; Powers and Duties," by further providing with respect to the manner in which assessments are determined for certain properties that are subject to rent restrictions, affordability requirements and other related restrictions, and for properties with respect to which federal or state income tax credits have been obtained; and by providing for additional reporting requirements with respect to such properties; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Section 2-305 of The Philadelphia Code is amended to read as follows:
§ 2-305. Office of Property Assessment; Chief Assessment Officer; Powers and Duties.
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(2) Except as Council may ordain from time to time, the Chief Assessment Officer shall:
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(d) Promulgate and make available on the City's official website Assessment Standards and Practices Regulations that with respect to assessments made in calendar year 2011 and thereafter:
(i) Set forth a methodology for the valuation of properties for taxation purposes. The methodology employed shall be made available to the public, including an explanation of the extent to which the methodology employed conforms to nationally recognized assessment standards such as those approved by the International Association of Assessing Officers (IAAO) for mass appraisals of real property. The Government of the District of Columbia's document "Appraiser's Reference Materials," attached as Appendix "1," shall serve as a point of reference.
(.1) In applying the provisions of Section 402(c) of the General County Assessment Law, Act of 1933, P.L. 853, No. 155, as amended, 72 P.S. § 5020-402(c), the methodology used to calculate actual value shall explicitly provide for consideration of the impact on the actual value of each property of applicable rent r...
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