THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
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§19-1303(2). Authorization to Offer Exemption from Real Estate Taxes or Improvements to Residential Properties.
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E. Exemption Schedule.
(1) [The]
Eighty percent (80%) of the
assessable amount of the improvement costs shall be exempted from real estate taxes for ten (10) years. The exemption shall commence for the first year for which improvements would otherwise be taxable. After the tenth year, the exemption shall terminate.
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§19-1303(3). Authorization to Offer Exemptions from Real Estate Taxes on Improvements to Deteriorated Industrial, Commercial or Other Business Properties.
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D. Exemptions.
(2) Exemption schedule.
(a) [The]
Eighty percent (80%) of the
assessable amount of the improvement costs shall be exempted from real estate taxes for ten (10) years. The exemption shall commence in the tax year immediately following the year in which the initial certificate of occupancy for the property is issued. After the tenth year, the exemption shall terminate.
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§19-1303(4). Authorization to Offer Exemption from Real Estate Taxes on New Construction of Residential Properties.
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E. Exemption Schedule.
(1) [One hundred]
Eighty percent (80%)
of the assessable amount of the construction costs shall be exempted from real estate taxes for a period of ten years immediately following the date on which settlement is made, and a required certificate of use and occupancy is issued on an eligible dwelling unit. After the tenth year, the exemption shall terminate.
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§19-1303(5). Authorization to Offer Exemptions from Real Estate Taxes on Improvements to Convert Deteriorated Industrial, Commercial or Other Business Property to Commercial Residential Use.
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D. Exemption.
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(2) Exemption schedule.
(a) The Board shall exempt from real estate taxes [the entire amount]
eighty percent (80%)
of the assessable amount of qualified improvement for a period of ten years, subject to the other requirements of this Section. After year ten, the abatement shall terminate. The exemption shall commence for the tax year immediately following the year in which City issues the final Certificate of Occupancy for commercial residential use of the property.
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Explanation:
[Brackets] indicate matter deleted.
Italics
indicate new matter added.
End
Timeline
A file can move through several public steps, including introduction, hearings, amendments, votes and final action. This timeline puts those events in date order, groups routine entries from the same day, and attaches published member votes to the action they record.
Marked unanimous; no member-by-member tally published.
A motion was made by Councilmemer Clarke that this matter be Introduced. The motion carried unanimously.
Source: LegislationDetail.aspx · gridLegislation
Source: LegislationDetail.aspx · gridLegislation