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.