Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by reducing the amount of real estate taxes to be exempted for certain improvements to, or construction of, certain residential, commercial, industrial or other business properties; and by reducing the duration of such exemptions; 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
* * *
§19-1303(2). Authorization to Offer Exemption from Real Estate Taxes on Improvements to Residential Properties.
* * *
D. Exemption Amount.
(1) The exemption from real estate taxes shall be limited to that portion of the additional assessment attributable to the actual cost of improvements to eligible property. For a dwelling unit, the total amount of the additional assessment that may be exempted from real estate taxes shall not exceed the Federal Housing Administration mortgage limit for a one-family dwelling in Philadelphia County, applicable for the calendar year in which the exemption application is filed.
* * *
§19-1303(4). Authorization to Offer Exemption from Real Estate Taxes on New Construction of Residential Properties.
* * *
D. Exemption Amount.
(1) The exemption from real estate taxes shall be limited to that portion of the assessment valuation attributable to the cost of construction of the new eligible dwelling unit. For a dwelling unit, the total amount of the assessment attributable to the cost of construction that may be exempted from real estate taxes shall not exceed the Federal Housing Administration mortgage limit for a one-family dwelling in Philadelphia County, applicable for the calendar year in which the exemption application is filed.
* * *
SECTION 2. This Ordinance shall be effective with respect to applications for exemption filed on or after July 1, 2019.
____________________________________
Explanation:
[Brackets] indicate matter deleted.
Italics indicate new matter added.
End