Saturday, August 23, 2014
Inquirer Daily News

Philly creates tax LOOP

There’s a new real-estate tax loophole for Philadelphians — and you don’t need to be a millionaire to take advantage of it.

Philly creates tax LOOP

There’s a new real-estate tax loophole for Philadelphians — and you don’t need to be a millionaire to take advantage of it.

To limit the huge increases some residents are seeing under the Actual Value Initiative tax-reform effort, the city is launching the Longtime Owner Occupants Program, or LOOP.

“I do not create these acronyms, but I think this one is quite interesting,” said Mayor Nutter, while announcing the program yesterday with Council members.

The announcement comes days after Harrisburg authorized the city to use means-testing for a "gentrification relief" program.

The program will benefit lower-income homeowners who have been in their homes for at least 10 years and saw their property assessments increase by 300 percent or more this year. For 10 years after they enroll, LOOP participants will be taxed on no more than triple their old assessments.

Residents must apply by Jan. 15. Council President Darrell Clarke is working to have that deadline extended, given how long 

Applicants must meet a series of requirements, including being up to date on taxes and being below a certain income level. Residents can go to phila.gov/LOOP to see if they’re eligible.

Up to 80,000 properties may be eligible. The city budgeted $20 million to pay for the tax breaks in this year’s budget.

About this blog
Chris Brennan, a native Philadelphian and graduate of Temple University, joined the Daily News in 1999. He has written about SEPTA, the Philadelphia School District, the legalization of casino gambling, state government, the mayor, the governor, City Council and political campaigns. E-mail tips to brennac@phillynews.com
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Jenny DeHuff is a 2005 graduate of the University of Rhode Island, where she cut her teeth in journalism. A South Philly transplant from New England, she joined the Daily News City Hall Bureau in 2013. For the past several years, she has worked as an investigative reporter exposing corruption in suburban politics, covering sometimes ghastly criminal court cases and following the people’s money and how its spent. In addition to being a dogged news hound, she enjoys reading and writing about travel, animals, Irish whiskey and aviation. E-mail tips to dehuffj@phillynews.com
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Sean Collins Walsh is from Bucks County and went to Northwestern University. He joined the Daily News copy desk in 2012 and now covers the Nutter administration. Before that, he interned at papers including The New York Times, The Dallas Morning News and The Seattle Times. E-mail tips to walshSE@phillynews.com
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