PASSED

This lapsed bill would have limited how much a property’s taxable assessed value could increase in one year for purposes of calculating real estate taxes, generally capping the increase at 10% while allowing additional increases tied to new construction or improvements. It would have applied to taxable property and kept existing tax-abatement programs unchanged, with the Board of Revision of Taxes and Department of Revenue responsible for needed regulations.

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.