Amending Section 19-1301 of The Philadelphia Code, entitled "Real Estate Taxes," to decrease the rate of tax on real estate within the City of Philadelphia, under certain terms and conditions.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Section 19-1301 of The Philadelphia Code, entitled “Real Estate Taxes,” is hereby amended to read as follows:

§19-1301. Real Estate Taxes.

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(8) A tax is hereby levied on each one hundred dollars ($100) 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 (3) dollars and forty-seven and four-tenths (47.4) cents for the year 2003

and thereafter.

SECTION 2.

Section 1 of this Ordinance shall be effective only if and when the tax authorized by Section 19-1801 of The Philadelphia Code is imposed by the School District of Philadelphia at a rate of three dollars and eleven and one-half cents ($3.115) on each one hundred dollars ($100) of assessed value of taxable real property, and only if the School District imposes said tax at said rate on or before June 30, 2002.

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Explanation:

Italics

indicate new matter added.

End