PHILADELPHIA –April 5, 2018 – City Council today unanimously approved legislation to change the effective date of property assessments used to calculate the City’s Business Use and Occupancy Tax. The ordinance would revise the timing of the determination of the assessed value of the realty use and occupancy tax beginning with fiscal year 2020. The change would shift the assessment to take effect in January along with real estate taxes instead of July.
All businesses who own or operate a business in Philadelphia, or own property that is used for business purposes, must pay use and occupancy taxes. (U&O).
“Small business is crucial to our local economy. This measure will help businesses better prepare for any changes in assessment by allowing them more time to budget for any potential increases,” said Councilman Allan Domb, who introduced the legislation in February.
The bill was co-sponsored by Councilman Derek Green, Councilwoman Helen Gym, Councilman Bobby Henon, Councilman Kenyatta Johnson, Councilman Brian O’Neill, Councilman David Oh, Councilman Mark Squilla and Councilman Al Taubenberger.
Read the legislation.
# # #