A City Council committee last week recommended a tax rate of $1,340 per $100,000 of assessed property value, just a bit higher than the $1,324 per $100,000 rate recommended earlier by Mayor Michael Nutter.
The Committee of the Whole on June 5 also pushed for a $30,000 homestead exemption. The mayor, when he proposed his 2014 budget in March, asked for a $15,000 exemption.
The tax rate and the exemption figure must be voted on by Council before the fiscal year ends on June 30.
If the Committee of the Whole’s numbers are approved and not vetoed by the mayor, a homeowner could deduct $30,000 from his or her new assessment number before using the tax rate to figure out 2014 property taxes. For a house assessed at $130,000, the owner would subtract $30,000, which means the rate would be applied to a property value of $100,000. The homeowner would pay $1,324 in property taxes.
Homeowners who live in their properties are eligible to apply for the Homestead Exemption.
On June 6, Council took a final vote on a bill that will make it easier for delinquent taxpayers who want to pay up to get current with the city. The unanimously passed measure requires income-based repayment options to be made available to city homeowners in a consistent manner. It also calls for specific notices to be sent to owners who face foreclosure after they had opportunities to get assistance and get into payment agreements. The bill also stipulates the city will foreclose after one full year of delinquency.
Also last week, Council passed a bill that makes it easier for income-eligible senior citizens to keep their taxes “frozen” at a lower rate if the city’s Actual Value Initiative brings down their 2014 taxes.
The measure, which also automatically signs up a “senior freeze” for a homestead exemption, is an amendment to existing legislation that allows senior citizens exemptions from further property tax increase. ••