Presenter
Presented by Mr. Udin
AS AMENDED
Title
Resolution authorizing and directing the Budget Director of the City of Pittsburgh, in conjunction with the City Council Budget Director and Pennsylvania Economy League, to recalculate projected 2002 property tax revenues in light of the new property tax assessments made by the County of Allegheny.
Body
WHEREAS, the City of Pittsburgh, in preparing its budget for fiscal year 2002, did make certain estimates of revenue derived from property taxes in the amount of One Hundred Twenty Million Five-Hundred Thousand dollars ($121,500,000.00), and,
WHEREAS, the County of Allegheny has now increased assessed values of city property which may substantially impact city revenue projections and result in an over taxation of city property owners, and;
WHEREAS, the Council of the City of Pittsburgh may desire to reduce the rate of taxation if it is demonstrated that the new county property assessments result in over-taxation of city property owners.
Be it resolved that the Council of the City of Pittsburgh hereby enacts as follows:
Section 1. The Budget Director of the City of Pittsburgh, in conjunction with City Council's Budget Director and the Pennsylvania Economy League, are authorized and directed to recalculate projected 2002 property tax revenues in anticipation of lowering the city's millage rate.
The recalculation of property tax revenues shall be presented to Council for the purposes of making a determination as to the setting of the city's property tax rate for 2002.