THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
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(2) For tax year 2014 and thereafter:
(a) The Tax Rate shall be calculated by dividing the Target Revenue Number by the Total [Net] Taxable
Assessed
Value.
(.1) The Target Revenue Number shall be $560,086,355 [minus the Minimum Tax Revenue].
[(.2) The Minimum Tax Revenue shall be $100 multiplied by the number of taxable real properties in the City, as certified by the Office of Property Assessment ("OPA") on or before November 15 of the year preceding the tax year.]
[(.3)]
Total [Net] Taxable
Assessed
Value shall be calculated by adding together the [Net Taxable Value]
assessed value
of all taxable real property in the City, [as returned by the OPA and as calculated pursuant to subsection (b) below,] as certified by the OPA on or before November 15 of the year preceding the tax year. Taxable real property shall include only properties, or portions of properties, not subject to exemption from or abatement of real estate tax, provided that taxable real property shall include the full value of any property that may be subject to relief under Chapter 19-3900 (longtime owner occupant relief).
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(b) A tax is hereby levied on all real property in the City in an amount equal to [$100 plus] the product formed by multiplying the Tax Rate by [the Net Taxable Value of the property. Net Taxable Value shall be calculated by subtracting the amount of Homestead Exclusion, if any, provided for in § 19-1301.1, from] the assessed value of the property returned by the OPA in the year immediately preceding the tax [year, but in no event may Net Taxable Value be less than zero.]
year.
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(2) Commencing in [the later of 2014 or the first year authorized by the General Assembly,]
such year as Council may authorize by ordinance,
a homestead exclusion is hereby provided in the lesser amount of (A) thirty thousand dollars ($30,000) multiplied by the established predetermined ratio; or (B) fifty percent (50%) of the median assessed value of properties granted a homestead exemption, as certified by the OPA by no later than November 15 of the year prior to the tax year.
* * *
* * *
(3) For tax year 2014 and thereafter:
(a) The Tax Rate shall be calculated by dividing the Target Revenue Number by the Total [Net] Taxable
Assessed
Value.
(.1) The Target Revenue Number shall be $701,463,883.
(.2) Total [Net] Taxable
Assessed
Value shall be calculated by adding together the [Net Taxable Value]
assessed value
of all taxable real property in the City, [as returned by the Office of Property Assessment and as calculated pursuant to subsection (b) below,] as certified by the OPA on or before November 15 of the year preceding the tax year. Taxable real property shall include only properties, or portions of properties, not subject to exemption from or abatement of real estate tax, provided that taxable real property shall include the full value of any property that may be subject to relief under Chapter 19-3900 (longtime owner occupant relief).
(b) The tax imposed by the Board of Education shall be calculated, for all taxable real estate, by multiplying the Tax Rate by the [Net Taxable Value of the property. Net Taxable Value shall be calculated by subtracting the amount of Homestead Exclusion, if any, provided for in § 19-1301.1, from the] assessed value of the property returned by the OPA in the year immediately preceding the tax [year, but in no event may Net Taxable Value be less than zero.]
year.
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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 Councilmember Green that this matter be Introduced and Referred to the Committee on Finance. The motion carried unanimously.
Source: LegislationDetail.aspx · gridLegislation