Many Philadelphians are likely to see property tax relief amid soaring real estate assessments, as well as cuts to wage and business taxes, thanks to a compromise between City Council members and Mayor Jim Kenney’s administration that was approved in a key committee vote late Wednesday night.
Under the tax plan that came together in last-minute negotiations over the city budget that begins July 1, the property tax rate of 1.3998% will stay the same, but the homestead exemption, which reduces the taxable value of owner-occupied homes, would increase from $45,000 to $80,000.
At the virtual committee meeting, lawmakers also amended Mayor Jim Kenney’s $5.6 billion budget proposal to include several substantial funding increases, including $15 million in rental assistance, $5.8 million more for the public defenders’ office, and an extra $5 million for police forensics.
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