As Mayor Michael Nutter says, property owners lack any reason to refrain from applying for the homestead exemption. All the application can do is lower resident's property taxes.
However, Philadelphians who own and live in their homes only have until Nov. 15 to apply for the tax break for the 2014 tax assessment notice.
“There is no reason not to apply for the Homestead Exemption,” Nutter said in a news release. “As the City of Philadelphia continues to work diligently to evaluate and assess all properties to establish a fairer, simpler property tax process for property owners, the Homestead Exemption can decrease a homeowner’s 2014 tax bill considerably.”
Philadelphia City Council, the mayor's office and the Office of Property Assessment continue discussions on the actual value initiative, which would reform (and in some cases increase) assessed values of homes, driving property taxes up. In a measure to offset that potential increase, this exemption reduces the taxable assessed value of homes by $30,000.
According to a news release:
"The assessed value will be multiplied by the tax rate to arrive at the homeowner’s 2014 property tax bill – therefore, by lowering the assessed value, the Homestead Exemption will lower the tax bill. There are no income or age restrictions for the Homestead Exemption, but residents must own and live in their homes as their primary residence to participate."
If the applications are accepted, homeowners would see the homestead exemption applied to their 2014 tax assessment notices, which will be mailed in February 2013.
People may download the form to mail it in, or file it electronically at the OPA website here. For more information, call Homestead Hotline at 215-686-6488 or visit opa.phila.gov.