The Homestead Exemption is a form of recourse for homeowners pressured by rising property taxes. It was created in 2012 following the implementation of the Actual Value Initiative (AVI), which overhauled the city’s property tax system and raised property values for a number of Philadelphia homeowners.
This is only the second year the Homestead Exemption has been available. It did not come into effect until tax year 2014. Applications for 2015 are due this Saturday, September 13.
There are a number of ways for homeowners to get a break on their property taxes, but the Homestead Exemption is the most encompassing. It cuts a flat amount, $30,000, from the taxable value of the property, and is available to any owner who lives in the property as their primary residence.
Effective this year, properties with a 10-year residential tax abatement are not eligible.
The Exemption is automatic once approved. The property owner does not need to apply each year.
UPDATE: The deadline was officially September 13, but the Office of Property Assessment has announced that it will continue to accept and process applications until December 1, 2014 for tax year 2015.
Applications are available here.-30-
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