Title
Amending Section 19-1403 of The Philadelphia Code, entitled "Imposition of Tax," by creating a Philadelphia County Demolition Fund to increase and encourage economic development by demolishing blighted properties within the City, imposing a fee when a deed or mortgage is recorded, and related items; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Section 19-1403 of The Philadelphia Code is amended as follows:
ยง 19-1403. Imposition of Tax and Demolition Fund Fee.
(1) Every person who transfers ownership of real estate situate within the City or who makes, executes, delivers, accepts or presents for recording any document or in whose behalf any document is made, executed, delivered, accepted or presented for recording, or who accepts ownership of real estate situate within the City, shall be subject to pay for and in respect to the transaction or any part thereof, or for or in respect of the vellum parchment or paper upon which such document is written or printed, a tax based on the value of the real estate represented by such document, which tax shall be payable at the earlier of the time the document is presented for recording or within thirty (30) days of acceptance of such document or within thirty (30) days of becoming an acquired real estate company or family farm corporation. For documents made, executed, delivered or accepted or presented for recording during each of the following fiscal years, the amount of tax shall be computed by multiplying the value of the real estate represented by such document by the following rates of tax:
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(2) Philadelphia County Demolition Fund Fee
(a) Definitions. As used in this section, the words and phrases shall mean the following unless the context clearly indicates otherwise:
"Blighted property." A property which meets at least three of the criteria listed under Section 5(d)(5) of the Act of November 26, 2008...
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