How to Utilize the Philadelphia Homestead Exemption
Written by: Alan Nochumson
The Philadelphia’s Homestead Exemption program was introduced to reduce Philadelphia homeowners’ assessed property value and the real estate tax bill. In 2019, the City of Philadelphia passed into law dramatic changes as to how some residential properties within city limits will be taxed. With this changed, the program is expected to give eligible homeowners a $45,000 reduction on their assessed property value, which will give an exemption of up to $629 a year on their Real Estate Tax Bill.
Who is eligible?
The requirements for this program are simple. As stated on the application, “A person must simply own the property and live in it as their primary residence. There are no other requirements.” There are no age or income requirements. However, you will not eligible for this program if your property is used as a business or for rent, or if your property is on the residential tax abatement program.
If you are eligible, the taxable portion of your property value is reduced. For the 2020 real estate tax bills, the property value was reduced by $45,000 when assessed for real estate tax purposes. Keep in mind, the exemption has changed from year to year.
How can you apply?
You can apply either online, over the phone, or by mail. Once your application is accepted, you don’t have to reapply for the exemption from year to year unless you purchase a new home or the name changes on the deed while you are living there. As long as you continue to own and live in the eligible property, the exemption will apply.
To learn more on how the Philadelphia Homestead Exemption can be applied to your home, contact the team at Nochumson P.C. At Nochumson P.C., we are more than legal counsel. We are people serving our neighbors and community in Pennsylvania and New Jersey. Knowing that real communication between real people can help lead to real positive results, our team of attorneys is available 24/7 to help answer your legal questions and to fight for you with skill and fortitude, whatever the case may be. When you hire us, you can expect a sensible and cost-effective approach to legal counsel. We think fast, think ahead, and get things done. Contact us today or call us at (215) 399-1346 to see how we can represent you.