PRIOR PRINTER'S NO. 2041 PRINTER'S NO. 3081
No. 1614 Session of 2003
INTRODUCED BY FRANKEL, BROWNE, CORRIGAN, CURRY, GERGELY,
JOSEPHS, PISTELLA, READSHAW, SOLOBAY, TANGRETTI, WALKO AND
YUDICHAK, JUNE 16, 2003
AS REPORTED FROM COMMITTEE ON FINANCE, HOUSE OF REPRESENTATIVES,
AS AMENDED, DECEMBER 10, 2003
AN ACT
1 Amending the act of June 27, 1947 (P.L.1046, No.447), entitled, <--
2 as amended, "An act providing for equalization of assessed
3 valuations of real property throughout the Commonwealth for
4 use in determining the amount and allocation of Commonwealth
5 subsidies to school districts; providing for the establishing
6 of a common level ratio for each county; creating a State Tax
7 Equalization Board; and prescribing its powers and duties;
8 imposing duties on certain local officers, agents, boards,
9 commissions and departments; and making an appropriation,"
10 further providing for the determination of market value of
11 taxable real property.
12 AMENDING THE ACT OF JULY 11, 1990 (P.L.465, NO.113), ENTITLED <--
13 "AN ACT PROVIDING FOR THE CREATION OF TAX INCREMENT
14 DISTRICTS; PROVIDING FOR ADDITIONAL POWERS AND DUTIES TO BE
15 EXERCISED BY REDEVELOPMENT AUTHORITIES AND BY INDUSTRIAL AND
16 COMMERCIAL DEVELOPMENT AUTHORITIES; AUTHORIZING THE CREATION
17 AND APPROVAL OF PROJECT PLANS FOR TAX INCREMENT FINANCING;
18 PROVIDING FOR THE ESTABLISHMENT OF A TAX INCREMENT BASE;
19 ALLOCATING THE PAYMENT OF POSITIVE TAX INCREMENTS; PROVIDING
20 FOR THE FINANCING OF PROJECT COSTS; AND PROVIDING FOR THE
21 ISSUANCE OF TAX INCREMENT BONDS AND NOTES," FURTHER PROVIDING
22 FOR DETERMINATION OF TAX INCREMENT AND TAX INCREMENT BASE.
23 The General Assembly of the Commonwealth of Pennsylvania
24 hereby enacts as follows:
25 Section 1. Section 11 of the act of June 27, 1947 (P.L.1046, <--
26 No.447), referred to as the State Tax Equalization Board Law, is
27 amended to read:
1 Section 11. Market Value and Percentage Thereof of Value
2 Assessed for Tax Purposes.--From the data so compiled, the board
3 shall as soon as possible after the first day of July, one
4 thousand nine hundred forty-eight, and each year thereafter,
5 determine the market value of real property in each school
6 district and the percentage of the market value as so determined
7 of the assessed valuation for county tax purposes. In
8 determining the market value of real property in each school
9 district, the board shall exclude any increase in value above
10 the tax increment base of property located within an existing
11 tax increment district which has been created pursuant to the
12 act of July 11, 1990 (P.L.465, No.113), known as the "Tax
13 Increment Financing Act" and which has been pledged to fund or
14 finance project costs pursuant to a tax increment financing
15 plan.
16 Section 2. This act shall take effect immediately.
17 SECTION 1. SECTION 6 OF THE ACT OF JULY 11, 1990 (P.L.465, <--
18 NO.113), KNOWN AS THE TAX INCREMENT FINANCING ACT, IS AMENDED BY
19 ADDING A SUBSECTION TO READ:
20 SECTION 6. DETERMINATION OF TAX INCREMENT AND TAX INCREMENT
21 BASE.
22 * * *
23 (F) CALCULATION FOR EDUCATION SUBSIDY FOR SCHOOL
24 DISTRICTS.--IN DETERMINING THE MARKET VALUE OF REAL PROPERTY IN
25 EACH SCHOOL DISTRICT, THE STATE TAX EQUALIZATION BOARD SHALL
26 EXCLUDE ANY INCREASE IN VALUE TO THE PROPERTY ABOVE THE TAX
27 INCREMENT BASE ON THE DATE IN WHICH THE DISTRICT WAS CREATED, TO
28 THE EXTENT AND DURING THE PERIOD OF TIME THAT REAL ESTATE TAX
29 REVENUES ATTRIBUTABLE TO SUCH INCREASED VALUE ARE NOT AVAILABLE
30 TO THE SCHOOL DISTRICT FOR GENERAL SCHOOL DISTRICT PURPOSES.
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1 SECTION 2. THIS ACT SHALL TAKE EFFECT IMMEDIATELY.
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