Philadelphia Realty Transfer Tax rate increase is effective July 1, 2018
Effective July 1, 2018, the Realty Transfer Tax rate is increased to 4.278% of the sale price or assessed value of the property, plus any assumed debt. The Realty Transfer Tax This rate includes 3.278% to go to the City of Philadelphia and 1% that goes to the Commonwealth of Pennsylvania.
Scheduled reductions to BIRT continue for Tax Year 2018
Following a legislated schedule for reductions, the rate of the net income portion of the Business Income and Receipts Tax is reduced to 6.30% for Tax Year 2018. The gross receipts portion of the tax remains .1415%.
The full schedule is below:
|Fiscal Year||Gross Receipts Tax Rate||Net Income Tax Rate|
|2023 and thereafter||0.1415%||6.00%|
Real Estate Rates remain at current levels; Homestead Exemption raised to $40,000
Real Estate Tax rates remain the same, however effective for Tax Year 2020 the Homestead Exemption is now $45,000. The typical Philadelphia homeowner will save about $629 on their Real Estate Taxes.