Bill 220411

..Title Amending Section 19-1301.1 of The Philadelphia Code, entitled "Homestead Exclusion," to increase the amount of the homestead exclusion, under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Section 19-1301.1 of The Philadelphia Code is hereby amended to read as follows: TITLE 19. FINANCE, TAXES AND COLLECTIONS * * * CHAPTER 19-1300. REAL ESTATE TAXES * * * � 19-1301.1. Homestead Exclusion. * * * (2) Commencing in tax year 2014, through and including tax year 2018, a homestead exclusion is hereby provided in the lesser amount of (i) thirty thousand dollars ($30,000) multiplied by the established predetermined ratio; or (ii) fifty percent (50%) of the median assessed value of properties granted a homestead exemption, as certified by the OPA by no later than November 15 of the year prior to the tax year. (2.1) For tax year 2019, a homestead exclusion is hereby provided in the amount of forty thousand dollars ($40,000). (2.2) [Commencing in tax year 2020, and continuing thereafter,] For tax years 2020, 2021 and 2022, a homestead exclusion is hereby provided in the amount of forty-five thousand dollars ($45,000). (2.3) Commencing in tax year 2023, and continuing thereafter, a homestead exclusion is hereby provided in the amount of sixty-five thousand dollars ($65,000). * * * ..End