Amending Section 19-1301 of The Philadelphia Code, entitled "Real Estate Taxes," by rescinding the current single rate tax on land and improvements, and by imposing a tax on land or a split rate tax on land and improvements; all under certain terms and conditions.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Section 19-1301 of The Philadelphia Code is amended to read as follows:

§19-1301. Real Estate Taxes.

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(8) A tax is hereby levied on each one hundred ($100) dollars of the assessed value of taxable real property returned by the Board of Revision of Taxes in the preceding year at the rate of three dollars and fifty-six and one-half cents ($3.56 1/2) for the year 2002 [and thereafter].

(9) A tax is hereby levied on each one hundred ($100) dollars of the assessed value of taxable land returned by the Board of Revision of Taxes in the preceding year at such rate as the Council shall determine for the year 2003 and thereafter.

SECTION 2. This Ordinance shall not become effective until the Council enacts an Ordinance providing for a rate of taxation on land based upon a comprehensive reassessment of all land and improvements in the City performed by the Board of Revision of Taxes. Such rate shall be set so as to achieve as closely as possible revenue neutrality with respect to the current single rate tax on land and improvements.

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Explanation:

[Brackets] indicate matter deleted.

Italics

indicate new matter added.

End

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