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.

(2.3)

Commencing in tax year 2023, and continuing [thereafter,]

through and including tax year 2024,

a homestead exclusion is hereby provided in the amount of eighty thousand dollars ($80,000).

(2.4) Commencing in tax year 2025, and continuing thereafter, a homestead exclusion is hereby provided in the amount of one hundred thousand dollars ($100,000).

End