Wednesday, May 6, 2015

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

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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
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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