By Bob Bauder

Published: Tuesday, January 29, 2013, 11:48 a.m.
Updated: Tuesday, January 29, 2013

Pittsburgh City Council on Tuesday gave final approval to legislation reducing the city's real estate millage rate and increasing property discounts for homeowners.

State law required a property tax adjustment this year to prevent a windfall from Allegheny County's court-ordered reassessment, which resulted in the city's total property value increasing by about 49 percent. The real estate tax rate for 2013 will drop from 10.8 to 7.65 mills.

In addition, council approved an increase in the homestead exemption from $10,000 to $15,000 and the Senior Tax Relief Credit from 30 to 40 percent of a property‘s assessed value. The credit applies to people age 54 or older with a household income of less than $30,000.

Allegheny County in December decreased its tax rate from 5.69 to 4.73 mills. This month Pittsburgh Public Schools dropped its tax rate from 13.92 mills to 9.65 mills.

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