6/18/2012 - Actual Value Initiative and Businesses Use and Occupancy Tax
Date: 6/18/12
Last week, Council debated passing the Actual Value Initiative and other budget bills that would increase property taxes and business use and occupancy taxes by substantial amounts. The increases to use and occupancy taxes were particularly alarming for industrial and commercial businesses. Under the original proposal, use and occupancy taxes would increase by an estimated 42%. The money raised from would fund the Philadelphia School District, which is facing a $94 million funding shortfall.

However, Council chose to give preliminary approval to a bill that would delay implementation of the Actual Value Initiative and the 42% use and occupancy tax increase for one year. Instead, the new bill proposes raising property and use and occupancy taxes by smaller amounts to raise $40 million in fiscal year 2013 for the school district.

The new bill would raise property taxes by 3.59 percent and raise the use and occupancy tax from 4.6 percent to 5.5 percent. The increase to property taxes and use and occupancy taxes is meant to raise $20 million each for, totaling $40 million.

Even if the new budget bills are passed, it is still unclear where the rest of the School Districts funding will come from.
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