Did You Know You Could Save $300 or More on Property Tax With the Homestead Exemption?
With the emergence of new construction, renovations and over expansion of Philadelphia property taxes are bound to rise. For many the rise in taxes can turn manageable mortgage payments into budget busting payments. For those experiencing a steady rise in property taxes, there’s great news. Philadelphia homeowners are eligible for the Homestead Exemption. The Homestead Exemption is currently taking applications for the 2018 tax year.
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For those not in the know, here are some commonly asked questions:
What is the Homestead Exemption?
- The Homestead Exemption offers Real Estate Tax savings to all Philadelphia homeowners by reducing the taxable portion of their property assessment by $30,000.
Who is eligible?
- You must simply own the property and live in it as your primary residence. There are no other requirements.
- Note: Effective Tax Year 2015, properties with 10-year residential abatements are no longer eligible to receive the Homestead Exemption.
Receiving the exemption can save you up to $300 and in some cases even more on property taxes. The process is really easy. Simply go to Opaphila.org or call 215-686-9200. The process only takes a matter of minutes and once you’re approved you’ll experience the savings for the new tax year.