Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by adding a new Section 19-1306 providing for a cap on tax increases; all under certain terms and conditions.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Chapter 19-1300 of The Philadelphia Code is amended to read as follows:

CHAPTER 19-1300. REAL ESTATE TAXES.

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§19-1306. Cap on Tax Increases.

(1) Notwithstanding the tax rate set forth in Section 19-1301 or any other law to the contrary, the tax levied on any real property for tax year 2003 shall not increase by greater than 15% above the prior year's tax levy, provided that the property is owned by the same person who owned the property at the time of the prior year's tax levy.

(2) For tax year 2004 and thereafter, the tax levied on any real property shall equal the assessed value of a property as returned by the Board of Revision of Taxes during the year prior to the tax year.

SECTION 2. This Ordinance shall be effective upon enactment of authorizing legislation by the General Assembly.

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Explanation:

Italics

indicate new matter added.

End