PASSED

This lapsed bill would have limited increases in Philadelphia real estate taxes caused by higher property assessments. For tax year 2003, it proposed calculating taxable assessed value using a limit of 110% of the prior year’s assessment, while allowing additional increases for new construction or improvements and leaving existing tax abatements unchanged.

Amending Section 19-1301 of The Philadelphia Code, entitled "Real Estate Taxes," by providing that the taxes levied on a property under that section shall not increase in any one year by more than a specified percentage as the result of an increase in the assessed value of the property as returned by the Board of Revision of Taxes, under certain terms and conditions.