Philly City Council Gives Preliminary Ok to Raise Property Taxes
The Soda Tax was not approved but Philadelphia City Council gave preliminary approval to a temporary 9.9 percent property tax increase.
Mayor Nutter’s original budget proposal also included a $300 per-household trash fee but city council preferred a property tax hike. This almost double digit property tax increase is set to last for two years.
The tax proposal must get final approval from City Council next week.
Mayor Nutter has put the budget deficit for the coming fiscal year at up to $150 million and the property tax proposal yields about $88 million annually. Nutter also agreed to cut an additional $17 million. If Nutter does not get the soda tax in some form, his aides have argued that the city’s surplus fund balance will dip dangerously low.
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