Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," to provide for an increase in the tax that the Board of Education of the School District of Philadelphia is authorized to impose on real estate; and amending Chapter 19-1300, entitled "Real Estate Taxes," to establish an equivalent reduction in the tax rate for the City real estate tax; and making technical changes; all under certain terms and conditions.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Chapter 19-1800 of The Philadelphia Code is hereby amended as follows:

CHAPTER 19-1800. SCHOOL TAX AUTHORIZATION

§ 19-1801. Authorization of Tax.

(a.1) For tax years 2014 and 2015, the Tax Rate shall be 0.7382%, or seventy-three and eighty-two hundredths cents ($0.7382) per one hundred dollars ($100).

(a.2) For tax year 2016 [and thereafter,]

through tax year 2024,

the Tax Rate shall be 0.7681%, or seventy-six and eighty-one hundredths cents ($0.7681) per one hundred dollars ($100) of Net Taxable Value.

(a.3) For tax year 2025 and thereafter, the Tax Rate shall be 0.7839%, or seventy-eight and thirty-nine hundredths cents ($0.7839), per one hundred dollars ($100) of Net Taxable Value.

(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 Section 19-1301.2, from the assessed value of the property returned by the [OPA]

Office of Property Assessment

in the year immediately preceding the tax year, but in no event may Net Taxable Value be less than zero.

[(.1) OPA stands for the Office of Property Assessment.]

SECTION 2. Chapter 19-1300 of The Philadelphia Code is hereby amended as follows:

CHAPTER 19-1300. REAL ESTATE TAXES.

§ 19-1301. Real Estate Taxes.

(.2) For tax year 2016 [and thereafter,]

through tax year 2024,

the Tax Rate shall be 0.6317%, or sixty-three and seventeen hundredths cents ($0.6317) per one hundred dollars ($100).

(.3) For tax year 2025 and thereafter, the Tax Rate shall be 0.6159%, or sixty-one and fifty-nine hundredths cents ($0.6159), per one hundred dollars ($100) of Net Taxable Value.

(b) A tax is hereby levied on all real property in the City in an amount equal to 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 Section 19-1301.2, from the assessed value of the property returned by the [OPA]

Office of Property Assessment

in the year immediately preceding the tax year, but in no event may Net Taxable Value be less than zero.

[(.1) OPA stands for the Office of Property Assessment.]

End