READ AND PASSED

This enacted ordinance amends Philadelphia’s Realty Transfer Tax rules by changing how the value of real estate held by acquired real estate companies is calculated and by revising the definitions of real estate company and acquired real estate company. It treats a company as acquired when ownership changes transfer 75% or more of the company within six years, rather than 90% within three years, and took effect July 1, 2017.

Amending Chapter 19-1400 of The Philadelphia Code, entitled "Realty Transfer Tax," by closing certain loopholes, including by amending the definition of "value" as it relates to acquired real estate companies, the definitions of "real estate company" and "acquired real estate company," all under certain terms and conditions.