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File #: 190318    Version: 0 Name:
Type: Bill Status: LAPSED
File created: 4/25/2019 In control: Committee of the Whole
On agenda: Final action:
Title: Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by specifying tax rates for tax year 2020 and thereafter; by providing that each such tax year, Council shall enact a tax rate consisting of a "revenue neutral" tax rate intended to produce approximately the same level of tax revenues as were generated during the prior tax year, and any specified adjustment to the revenue neutral rate as deemed necessary that tax year; and by making technical amendments; all under certain terms and conditions.
Sponsors: Councilmember O'Neill, Councilmember Domb, Councilmember Henon, Councilmember Taubenberger, Councilmember Bass, Councilmember Blackwell, Councilmember Johnson
Indexes: REAL ESTATE TAX, REVENUE NEUTRAL RATE
Code sections: 19-1300 - Real Estate Taxes, 19-1301 - Real Estate Taxes
Attachments: 1. Bill No. 19031800.pdf
Title
Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by specifying tax rates for tax year 2020 and thereafter; by providing that each such tax year, Council shall enact a tax rate consisting of a "revenue neutral" tax rate intended to produce approximately the same level of tax revenues as were generated during the prior tax year, and any specified adjustment to the revenue neutral rate as deemed necessary that tax year; and by making technical amendments; 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 hereby amended to read as follows:

CHAPTER 19-1300. REAL ESTATE TAXES

? 19-1301. Real Estate Taxes.

* * *

(2) For tax year 2014 and thereafter:

(a.1) For tax years 2014 and 2015, the Tax Rate shall be 0.6018%, or sixty and eighteen one hundredths cents ($0.6018) per hundred dollars ($100).

(a.2) For tax year 2016 [and thereafter] through and including tax year 2019, the Tax Rate shall be 0.6317%, or sixty-three and seventeen one hundredths cents ($0.6317) per hundred dollars ($100).

(a.3) For tax year 2020 and thereafter, the Tax Rate shall be as set forth in subsection 19-1301(4).

(b) A tax is hereby levied on all real property in the City in an amount equal to the product formed by multiplying the Tax Rate by the Net Taxable Value of the property. Net Taxable Value shall be calculated by subtracting the amount of Homestead Exclusion, if any, provided for in ? 19-1301.1, from the assessed value of the property returned by the OPA in the year immediately preceding the tax year, but in no event may Net Taxable Value be less than zero.

(.1) OPA stands for the Office of Property Assessment.

(3) Tax Rate Methodology for tax year 2020 and thereafter.

(a) This subsection 19-1301(3) sets forth the methodology that will be used to calculate real estate tax rates for tax year 2020 and thereafter. The actual ta...

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