Saturday, August 29, 2015

Deadline to apply for Homestead Exemption is next week

Hey Philly homeowners, have you applied for your homestead exemption?

Deadline to apply for Homestead Exemption is next week

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More than 36,000 property owners will see their tax bills increase by at least $1,000 a year under the city´s proposed AVI property tax change. (Photo: Shutterstock)
More than 36,000 property owners will see their tax bills increase by at least $1,000 a year under the city's proposed AVI property tax change. (Photo: Shutterstock)

Hey Philly homeowners, have you applied for your homestead exemption?

If not, you have until Sept. 13 to do so.

The exemption would lower a home's taxable value by $30,000 and provide some much needed relief to homeowners that'll see an increase to their tax bills under the Actual Value Initiative, the city's new property tax system.

Under the recently approved 1.34 percent property tax rate, a home valued at $100,000 with a homestead would have a $938 tax bill; a $200,000 value would mean a $2,278 tax bill. Check out AVICalculator to calculate your tax bill.

To qualify for the homestead exemption you must own your property and it must be your primary residence. To learn more about the exemption or to apply visit the city's website here.

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William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
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David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
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