Mayor Parker Increases Homestead Exemption to Benefit Homeowners in Philadelphia
Written by: Alex Goldberg
If you are interested in a reduction of your assessed property value and real estate tax bill for a residential property you own in Philadelphia, then the homestead exemption program in Philadelphia may be for you.
When the homestead exemption program, which we can help you file, was introduced, eligible property owners could receive an exemption of $45,000 on the assessed value of the property they own in Philadelphia. Over time, this governmental program increased the homestead exemption to $80,000, and recently, Mayor Parker’s administration agreed to again increase the homestead exemption to $100,000. This means that property owners whose property is worth less than $100,000 will owe no real estate taxes, and that other property owners can save almost $1,400 on their real estate tax bills every single year.
Who is eligible?
The requirements for this governmental program are simple, but we can help you ensure that the paperwork submitted to the city government is filed correctly. As stated on the governmental application, “[a] person must simply own the property and live in it as their primary residence.” There are no age or income requirements. However, you will not be eligible for this governmental program if your property is used as a business or for rent, or if your property is already benefiting from the city’s real estate tax abatement program.
How can you apply?
We can help you apply either online, over the phone, or by mail. Once your governmental application is accepted, you do not have to reapply for the homestead exemption from year to year unless you purchase a new personal residence or the name changes on the deed of the property while you are living there. As long as you continue to own and live in the eligible property, the homestead exemption will apply.
To learn more on how the city’s homestead exemption program can be applied to your property, or if you need help filing the associated governmental application, please contact Alex Goldberg at alex.goldberg@nochumson.com or (215) 907-7102.
