Title
An Ordinance of the County of Allegheny, Commonwealth of Pennsylvania, amending the Allegheny County Code of Ordinances, Division 4, entitled "Finances," Chapter 475, Article VII, entitled "Homestead and Farmstead Exclusion Programs," Section 475-47 in order to increase Allegheny County's Homestead Exemption to $22,000, effective January 1, 2009.
Body
WHEREAS, pursuant to Ordinance No. 12-02-OR, County Council established a $10,000 Homestead Exemption for each qualified residence in Allegheny County; and
WHEREAS, pursuant to Ordinance No. 62-03-OR, the Homestead Exemption was increased to $15,000; and
WHEREAS, the Homestead Exemption, now codified within Chapter 475, Article VII of the Allegheny County Code of Ordinances, has not been increased in five (5) years; and
WHEREAS, home ownership has become a more challenging goal to reach and maintain in recent years due in large part to the subprime mortgage crisis and other fiscally unsound practices in the housing market; and
WHEREAS, as a result of mortgage issues and the rising tide of foreclosures, home ownership rate for the year 2007 was down by the largest percentage ever recorded, according to the U.S. Census Bureau; and
WHEREAS, also according to the Census Bureau, a record 2.18 million homes sat vacant and available for sale in the United States at the close of 2007; and
WHEREAS, the Bureau's report shows that the ability of home ownership is slipping away for many Americans who had bought homes during the housing boom of 2003 to 2005, and this accelerating decline in ownership rates marks a stark contrast to the relatively steady rise over the previous 20 years; and
WHEREAS, RealtyTrac, an online seller of foreclosure properties, reported that total foreclosure filings grew by 75% in 2007, while S&P Case/Shiller, which tracks home values in the nation's largest markets, posted the largest price drop on record for its November reading
WHEREAS, an increase in th...
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