READ AND PASSED

This enacted law changes how Philadelphia assesses properties with rent limits, affordability requirements, or federal or state housing tax credits for property-tax purposes. It requires the Office of Property Assessment to account for those restrictions and actual income and expenses, not count the tax credits as property or property income, and publicly identify these properties and provide supporting assessment information by May 1.

Amending Section 2-305 of The Philadelphia Code, entitled "Office of Property Assessment; Chief Assessment Officers; Powers and Duties," by further providing with respect to the manner in which assessments are determined for certain properties that are subject to rent restrictions, affordability requirements and other related restrictions, and for properties with respect to which federal or state income tax credits have been obtained; and by providing for additional reporting requirements with respect to such properties; all under certain terms and conditions.