Title
Amending Chapter 19-1400 of
The Philadelphia Code, entitled "
Realty Transfer Tax," by revising
the rate of
the tax, all under certain terms and conditions.
Body
THE COUNCIL OF
THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 19-1400 of
The Philadelphia Code is hereby amended to read as follows:
CHAPTER 19-1400.
REALTY TRANSFER TAX.
* * *
? 19-1403. Imposition of
Tax.
(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:
* * *
(i) three and two hundred seventy-eight thousandths percent (3.278%) for
the period commencing July 1, 2018, and ending [December 31, 2036; and] June 30, 2025;
(j) [three and one hundred seventy-eight thousandths percent (3.178%) for
the period commencing January 1, 2037 and
thereafter.] three and five hundred seventy-eight thousandths percent (3.578%) for
the period commencing July 1, 2025 and
thereafter.
* * *
SECTION 2. This Ordinance shall be effective for all transactions taking...
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