This bill allows the School District of Philadelphia to increase the tax on real estate, but it also reduces the city's real estate tax rate by an equal amount. This change affects homeowners and property owners in Philadelphia. The goal is to shift some of the tax burden from the city to the school district, without increasing the overall tax amount that property owners pay.

Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," to provide for an increase in the tax that the Board of Education of the School District of Philadelphia is authorized to impose on real estate; and amending Chapter 19-1300, entitled "Real Estate Taxes," to establish an equivalent reduction in the tax rate for the City real estate tax; all under certain terms and conditions.