As many of you know, the City of Philadelphia is offering a tax relief program for homeowners called the Homestead Exemption. It will reduce the taxable assessed value used for calculation of homeowners’ Real Estate Tax bills by $30,000 starting in Tax Year 2014. To be eligible for a Homestead Exemption, a person must simply own their home and live in it as their primary residence. A check of the records at the Philadelphia Office of Property Assessment indicates that 197 of our 230 homes have had their homestead applications approved.
Once you are approved, you will get the exemption every year unless you move or the deed to your property changes. Therefore, you may wish to apply now even if you will still be on the abatement. If the deed to your property changes--for any reason--the Homestead Exemption will be removed from your property and you MUST reapply to receive the Homestead.
If you have any questions about the Homestead Exemption, please call the Homestead Exemption Hotline at (215)686-9200.