Longtime Philadelphia homeowners could be getting some tax relief on their houses thanks to a new program.
Mayor Michael Nutter announced the launch of the PHL Tax Longtime Owner Occupants Program(LOOP).
“Our new property tax system is fair and accurate for all Philadelphians – but fairer and more accurate values meant large Real Estate Tax increases for some homeowners,” said Mayor Nutter. “In the current budget, working with City Council, we set aside $20 million to help longtime homeowners by offering Real Estate Tax relief. PHL Tax LOOP is an opportunity for property owners to receive savings on their Tax Year (TY) 14 Real Estate Taxes. I want to encourage every eligible Philadelphian to apply for this important discount.”
This week, information packets were sent to 80,000 properties based on preliminary eligibility requirements. The application deadline is Wednesday, January 15, 2014.
In order to qualify for LOOP, all applicants must meet the following requirements:
- The TY14 market value of the property minus the $30,000 Homestead Exemption is triple the TY13 property value;
- The property must be either a single-family dwelling or a multi-unit property with up to three residential units and one commercial unit;
- The property must be the primary residence of the owner since at least July 1, 2003;
- The property does not currently have, or ever had, a tax abatement;
- The Real Estate Taxes for the property must be up-to-date; the owner must be current on an existing payment agreement or the owner must have applied to enter into a payment agreement;
- And the homeowner meets income requirements based on household size.
Applicants will be notified by a decision letter in March of next year. Those who are approved and enrolled in the program will then receive the real estate taxes discount for 10 years. Officials say the LOOP discount will vary from person to person but will be based on property values.
For more information on the program and to find out whether or not you’re eligible, visit the LOOP website.