Posted: | December 18, 2012 04:21 PM |
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From: | Senator Michael J. Stack |
To: | All Senate members |
Subject: | Property Tax Reform in Cities of the 1st Class |
In the near future I plan on re-introducing legislation that would prohibit the City of Philadelphia from increasing property taxes if the city’s property tax collection rate is less than 95%. The city has been under fire of late for having a high tax delinquency rate. The city must do a better job collecting the taxes they’re already owed, prior to raising current rates. This legislation would also give home-owning senior citizens with household incomes of $60,000 or less, the option to defer the payment of property tax increases until they sell their house. This would define ‘home’ as a primary residence and would only apply to those living in Cities of the First Class (Philadelphia). This legislation would provide the same tax deferment opportunity to homeowners that have lived at their primary residence for 20 or more years. This is not meant as a means to forgo tax collection. It would merely defer the property tax increase until the home is sold or deeded to someone else. Finally, this bill would provide a one-year grace period for those who are recently unemployed. This would provide a fiscal year reprieve for those who are unemployed so that they may be able to keep their house while looking for work. The City of the First Class would receive the increased property tax payment once the homeowner sold their property. If you have any questions, please call our office at 787-9608. Thank you. |
Introduced as SB465