VETO OVERRIDDEN

This enacted law requires the Board of Revision of Taxes to notify City Council before changing the ratios used to calculate property assessments. A change cannot take effect unless Council passes an ordinance that adjusts real estate tax rates to keep the change approximately revenue neutral or expressly approves the change and its revenue impact; otherwise, the previous ratio remains in use.

Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by providing that no change by the Board of Revision of Taxes to the ratios it uses to calculate assessed value shall be effective unless Council by ordinance adjusts real estate tax rates so that such change is revenue neutral, or unless Council otherwise approves such change by ordinance; all under certain terms and conditions.