WHEREAS, In Bill No. 180166, Council intends to increase the amount of the homestead exclusion with respect to real estate taxes; and
WHEREAS, An increase in the amount of the homestead exclusion will reduce the School District’s real estate tax receipts; and
WHEREAS, The Council wishes to increase the amount of the City’s annual contribution to the District by an amount sufficient to offset the aforementioned reduction in real estate tax receipts; and
WHEREAS, The Council wishes to fund the increased contribution to the District with an increase in the City realty transfer tax rate; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 19-1400 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 19-1400. REALTY TRANSFER TAX.
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§ 19-1403. Imposition of Tax.
Every person who transfers ownership of real estate situate within the City or who makes, executes, delivers, accepts or presents for recording any document or in whose behalf any document is made, executed, delivered, accepted or presented for recording, or who accepts ownership of real estate situate within the City, shall be subject to pay for and in respect to the transaction or any part thereof, or for or in respect of the vellum parchment or paper upon which such document is written or printed, a tax based on the value of the real estate represented by such document, which tax shall be payable at the earlier of the time the document is presented for recording or within thirty (3|10�13|) days of acceptance of such document or within thirty (30) days of becoming an acquired real estate company or family farm corporation. For documents made, executed, delivered or accepted or presented for recording during each of the following fiscal years, the amount of tax shall be computed by multiplying the value of the real estate represented by such document by the following rates of tax:
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three and ten one-hundredths percent (3.10%) for the period commencing January 1, 2017 and ending [December 31, 2036;]
June 30, 2018;
and
three and two hundred seventy-eight one-thousandths percent (3.278%) for the period commencing July 1, 2018, and ending December 31, 2036; and
[(i) three percent (3.0%)]
(j) three and one hundred seventy-eight one-thousandths percent (3.178%)
for the period commencing January 1, 2037 and thereafter.
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Explanation:
[Brackets] indicate matter deleted.
Italics
indicate new matter added.
End