Amending Section 19-1301.1 of The Philadelphia Code, entitled "Homestead Exclusion," to increase the amount of the homestead exclusion, under certain terms and conditions.
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Section 19-1301.1 of The Philadelphia Code is hereby amended to read as follows:
§ 19-1301.1. Homestead Exclusion
(2)
Commencing in tax year 2014,
through and including tax year 2018,
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.
(2.1)
Commencing in tax year 2019, and continuing thereafter, a homestead exclusion is hereby provided in the amount of forty thousand dollars ($40,000).
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Explanation:
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