Presenter
Presented by Mr. Hertzberg
Recommendation
In Committee on Finance & Budget, June 27, 2001
NEGATIVE RECOMMENDATION
AS AMENDED
Title
An Ordinance supplementing the Pittsburgh Code, Title II, Fiscal, Article IX, Property Taxes, Chapter 263, Real Property Tax and Exemption, by adding Section 263.31 entitled "Assessment Appeal Refunds."
Body
The Council of the City of Pittsburgh hereby enacts as follows:
Section 1.
The Pittsburgh Code, Title II, Fiscal, Article IX, Property Taxes, Chapter 263, Real Property Tax and Exemption, is hereby supplemented as follows:
Section 263.31 ASSESSMENT APPEAL REFUNDS.
Subject to the terms and conditions set forth in this section, a property tax refund attributed to a reduction in the assessment resulting from an assessment appeal shall have interest added to it calculated as set forth in this section. Simple Interest on such refund shall only be payable when payment in full, including any penalty and interest, has been made based on the full assessed value of the account. Simple Interest on such a refund shall begin to accrue on the 1st day of the next month that is 30 days after the date payment in full was delivered, or in the case payment in full was mailed, the postmark date. Interest shall stop accruing up to 30 days before the postmark date on the refund check. The interest shall accrue on a daily basis at a rate that is one percent less than the interest rate the City is receiving for the same period of time on the City's General Fund. If the total amount of interest payable would be $5.00 or less, no amount of interest shall be added to the refund. This section shall not apply to refunds arising from claims that property is exempt from taxation. This section shall be applicable only for appeals taken from Year 2001 and subsequent years tax assessments.