WHEREAS, Nearly 98,000 properties in the City of Philadelphia are tax delinquent; and
WHEREAS, To provide further funding to the School District of Philadelphia, The Philadelphia City Council passed Bill Number 150265, authorizing the assignment or transfer of real estate tax liens on commercial property; and
WHEREAS, The first
online auction held in June of 2015, sold the liens on tax-delinquent properties to private investors, for bills that have gone unpaid for two to 20 years; and
WHEREAS, The City sold 240 liens or 28 percent of the liens that went to sale, for a total of $2.1 million; and
WHEREAS, There is a potential to collect $30 million for the School District of Philadelphia in delinquent real estate taxes; now, therefore, be it
RESOLVED, That the Council of the City of Philadelphia, Is hereby authorized hold hearings to evaluate the online tax lien auction implemented by the Department of Revenue.
End