(1) Every petition for the compromise of any claim for any moneys collectible by the Department of Revenue, for or on behalf of the City or the School District of Philadelphia, including but not limited to any tax, water or sewer rent, license fee or other charge, and interest and penalties thereon, for an amount less than the amount claimed by the City or the School District of Philadelphia, shall be filed with the Department and shall state the facts which the petitioner believes warrant a finding that such compromise would be in the best interest of the City or the School District of Philadelphia, and shall include a certification by the petitioner that the facts set forth therein are true.

(2) The Department shall, within a reasonable time, consider each petition for compromise and notify the petitioner in writing of its decision thereon.

(3) A decision of the Department, granting a compromise, shall become final only after it has been reviewed, approved, and/or modified by the Tax Review Board.

(4) Before the Tax Review Board disapproves or modifies any compromise granted by the Department, it shall afford the petitioner and the Department a hearing before the Board.

(5) Upon approval by the Tax Review Board of any compromise and payment by the petitioner of the amount fixed by such compromise, the claim of the City or the School District of Philadelphia shall be marked paid upon the records of the Department and any other appropriate City agency, and any judgment or lien or record which may exist with respect to such claim shall be marked satisfied by the Law Department. The costs of satisfying such judgment or lien shall be paid by the petitioner unless otherwise ordered by the Board.