READ AND PASSED

This enacted measure allows the City, for the benefit of the School District of Philadelphia, to assign or transfer real estate tax liens on commercial properties to third parties, either outright or as collateral, for an amount set by the Department. It also removes some restrictions on transferring those liens, while retaining certain limits and requirements under the law.

Amending Chapter 19-1300 of The Philadelphia Code, entitled "Real Estate Taxes," by authorizing, for the benefit of the School District of Philadelphia, the assignment or transfer of real estate tax liens on commercial property either absolutely or as collateral security, for an amount to be determined by the Department; and removing certain restrictions on the assignment or transfer of real estate tax liens on commercial property, all under certain terms and conditions.