READ AND PASSED

This enacted bill established City and School District real estate tax rates for tax year 2014 and later: 0.6018% for the City and 0.7382% for the School District. It also revised the homestead exclusion, which reduces the taxable value of eligible properties, to the lesser of $30,000 multiplied by the established predetermined ratio or 50% of the median assessed value of properties receiving a homestead exemption.

Amending Chapters 19-1300 and 19-1800 of The Philadelphia Code, entitled, respectively, "Real Estate Taxes" and "School Tax Authorization," by establishing a tax rate for City real estate tax and authorizing and establishing a tax rate for School District real estate tax; and by revising the homestead exclusion; all under certain terms and conditions.