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File #: 220455    Version: 0 Name:
Type: Bill Status: HELD IN COMMITTEE
File created: 5/19/2022 In control: Committee of the Whole
On agenda: Final action:
Title: Amending Section 19-1301.1 of The Philadelphia Code, entitled "Homestead Exclusion," to increase the amount of the homestead exclusion, under certain terms and conditions.
Sponsors: Councilmember O'Neill
Indexes: HOMESTEAD EXCLUSION
Code sections: 19-1301.1 - Homestead Exclusion
Attachments: 1. Bill No. 22045500.pdf

Title

Amending Section 19-1301.1 of The Philadelphia Code, entitled “Homestead Exclusion,” to increase the amount of the homestead exclusion, under certain terms and conditions.

 

Body

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

 

SECTION 1.  Section 19-1301.1 of The Philadelphia Code is hereby amended to read as follows:

 

TITLE 19.  FINANCE, TAXES AND COLLECTIONS

 

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CHAPTER 19-1300.  REAL ESTATE TAXES

 

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§ 19-1301.1. Homestead Exclusion.

 

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(2)                     Commencing in tax year 2014, through and including tax year 2018, a homestead exclusion is hereby provided in the lesser amount of (i) thirty thousand dollars ($30,000) multiplied by the established predetermined ratio; or (ii) fifty percent (50%) of the median assessed value of properties granted a homestead exemption, as certified by the OPA by no later than November 15 of the year prior to the tax year.

 

                     (2.1)                     For tax year 2019, a homestead exclusion is hereby provided in the amount of forty thousand dollars ($40,000).

 

                     (2.2)                     [Commencing in tax year 2020, and continuing thereafter,] For tax years 2020, 2021 and 2022, a homestead exclusion is hereby provided in the amount of forty-five thousand dollars ($45,000).

 

                      (2.3)   Commencing in tax year 2023, and continuing thereafter, a homestead exclusion is hereby provided in the amount of ninety thousand dollars ($90,000).

 

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End