PASSED

This enacted ordinance extends the real estate tax exemption for improvements to deteriorated industrial, commercial, and other business properties from three years to ten years. The exemption begins in the tax year after the property receives its initial certificate of occupancy and applies to applications submitted on or after the ordinance took effect.

Amending Chapter 19-1303(3) of The Philadelphia Code, entitled "Authorization to Offer Exemptions from Real Estate Taxes on Improvements to Deteriorated Industrial, Commercial or Other Business Properties," by changing the exemption schedule for improvements to deteriorated industrial, commercial or other business properties, under certain terms and conditions.