Updated: To include additional information
Philadelphia homeowners can now apply for a Homestead exemption that would provide some relief to those who could be hit hard under Mayor Nutter’s plan to move to a new property-tax system based on market values.
Meanwhile, state lawmakers are still considering legislation needed to provide a Philadelphia homestead exemption. Nutter said Friday during a City Hall press conference that Philadelphia was excluded from the law when it was enacted in 1997, but he is hopeful state legislators will come through.
“I have yet to meet an elected official who wasn’t interested in helping constituents save money,” Nutter said.
Homeowners can apply until July 31. Primary residences of all homeowners are eligible regardless of age or income.
The homestead exemption would knock $15,000 or more off of all homeowners’ assessed values.
Homestead exemptions will be included in assessment change notices which will be mailed to homeowners in the fall along with a brochure about the exemption. Applications for the exemption will also be mailed to homeowners.
Nutter has proposed shifting to a new property-tax system based on market values known as the Actual Value Initiative and collect an extra $94 million along the way for schools.
Council has not yet agreed on an amount for a homestead exemption, but sources have said that Council is considering a homestead exemption that would take $30,000 to $40,000 off all homeowners’ assessed values.
Councilmen Jim Kenney and Mark Squilla plan on introducing next week legislation that would provide property tax relief to longtime residents in gentrifying areas.