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
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§ 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 or 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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(g) three percent (3%) for fiscal years of the City commencing July 1, 1994 and [thereafter.]
ending June 30, 2000; and
(h) two and one-half percent (2.5%) for the fiscal year of the City commencing July 1, 2000; and
(i) two percent (2%) for the fiscal year of the City commencing July 1, 2001; and
(j) one and one-half percent (1.5%) for the fiscal year of the City commencing July 1, 2002; and
(k) one percent (1%) for the fiscal years of the City commencing July 1, 2003 and thereafter.
SECTION 2.
This Ordinance shall be effective for all transactions taking place on or after July 1, 2000.
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Explanation:
[Brackets] indicate matter deleted.
Italics
indicate new matter added.
End