Today 23,000 Philadelphia residents and business ownerswill receive notices informing them of the city' attempt to collect on delinquent taxes as part of what Mayor Street dubbed "the city' most aggressive" tax collection initiative so far.
Street tried to keep the focus of last Friday's press conference off of tax collection and on the need of city schools, which the mayor claims will receive more than half of themoney collected from this initiative. However, ending the 10-year tax abatement program, enjoyed mostly byhigh-end developers and residents, was not considered as part of the Mayor's plan to rescue city the school district.
With arrival of the notices, taxpayers must pay 25% of the delinquent taxes up front and the remaining balance over the course of the year. Those who wait until a foreclosure notice arrives will be forced to pay 50% of the back taxes up front with one year to pay the rest or lose their properties.
Foreclosure filings will begin "as early as November. Court hearings could begin by January. Sheriff sales could be held by next May." said City Solicitor Romulo Diaz to a reporter who was concerned that the sheriff sale process normally moves to slowly.