PASSED

The enacted ordinance would change Philadelphia’s real estate tax exemption for eligible new residential construction from three years to ten years, covering 100% of the assessable construction costs. This change will take effect only if later state legislation authorizes it and will apply to exemption applications filed after that date; the ordinance immediately repeals a 1999 bill that had not taken effect.

Amending Section 19-1303(4) of The Philadelphia Code, entitled "Authorization to Offer Exemption from Real Estate Taxes on New Construction of Residential Properties," by changing the exemption schedule for new construction of residential properties, and repealing Bill No. 970214 (approved December 9, 1999), which also amended Section 19-1303(4), but has not yet taken effect, all under certain terms and conditions.