Longtime Property Owners In Philadelphia May Be Eligible For Substantial Tax Relief

Written by: Alan Nochumson

As a result of the City of Philadelphia’s reassessment of property values for 2014, many property owners are facing significant increases in their real estate taxes. To help some property owners deal with potentially steep increases in their tax bills, the City is offering a new program to property owners called the Longtime Owner Occupants Program (LOOP).

Under LOOP, property owners who saw their certified market valuations more than triple from 2013 to 2014 will save money on their property taxes for the next 10 years if they qualify.

In order to qualify for LOOP, the property owner must have owned the property since July 1, 2003 and be current on their property taxes or up-to-date on a payment plan or have an application for a payment agreement pending. Furthermore, the property owner must reside at the property, the property must be either a single family or a multi-unit property with no more than 3 residential units and 1 commercial unit, the property cannot be subject to a tax abatement, and there are income limits based upon household size.

An application for property tax relief under LOOP must be submitted before February 17, 2014 in order to get the benefit for this year.

To download an application, you should visit: