Taxes related to carrying property in Philadelphia

[Matt Hummer]

Hello all, thanks for the help in advance.  I'm trying to compute future property tax for Philadelphia properties.  I've researched the internet to include the Philadelphia tax site.  My research turns up two things that I'm trying to confirm: A) Philadelphia city and Philadelphia county are the same thing for tax purposes and B) There are no Philadelphia county property taxes.  The taxes that I'm currently accounting for are as follows:

1. Real Estate Transfer Tax - 3.1% plus 1% for the State of PA (Jan '17)

2. City Tax - 0.006317%

3. Schools Tax - 0.007681%

-Are there any other taxes related to the purchase or sale of a property in the City of Philadelphia?

-If I rent a property to a tenant, do I pay Wage Tax AND Use and Occupancy Tax AND Earnings Tax?

Thanks,

Matt

[Ethan Giller]

When a property is bought/sold in Philadelphia, there is a 4% transfer tax (1% state & 3% local).  Typically this is split 50/50 between buyer and seller but it can be split in any way that is agreed upon by both parties.

Holding costs are an annual property tax of 1.4% of the assessed value which you can look up here: property.phila.gov.

Use & Occupancy tax is only assessed on commercial properties so you don't have to worry about that for a residential rental.

Wage tax is only for W-2 income so you don't pay that for residential rental income.

You will need to pay NPT and BIRT, which you file online at the end of the year based on your rental profits, you can learn about those here:
http://www.phila.gov/Revenue/businesses/taxes/Page...
http://www.phila.gov/Revenue/businesses/taxes/Page...