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:
TITLE 19. FINANCE, TAXES AND COLLECTIONS
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CHAPTER 19-1300. REAL ESTATE TAXES
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§ 19-1301.1. Homestead Exclusion.
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(2)
Commencing in tax year 2014, through and including tax year 2018, a homestead exclusion is hereby provided in the lesser amount of (i) thirty thousand dollars ($30,000) multiplied by the established predetermined ratio; or (ii) 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)
For tax year 2019, a homestead exclusion is hereby provided in the amount of forty thousand dollars ($40,000).
(2.2)
[Commencing in tax year 2020, and continuing thereafter,]
For tax years 2020, 2021 and 2022,
a homestead exclusion is hereby provided in the amount of forty-five thousand dollars ($45,000).
(2.3)
Commencing in tax year 2023, and continuing thereafter, a homestead exclusion is hereby provided in the amount of sixty-five thousand dollars ($65,000).
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