PHILADELPHIA (KYW Newsradio) — The City of Philadelphia has partnered with FORWARD, a program administration firm for local governments, to launch a Real Estate Tax Credit Program.
About $1.7 million in tax credits has been allocated through a special fund to support Philadelphia homeowners with increasing real estate tax bills. City Councilmember At-Large Katherine Gilmore Richardson said the Real Estate Tax Credit Program will give them a one-time credit of up to $500.
“The money will be used to pay either [their] 2023 or 2024 tax bill, or it will be added to their real estate tax account as a credit toward future tax years,” she explained.
Eligible homeowners must be located in Philadelphia and meet 80% or below the area median income. Residents’ property bills must have also increased by 50% or more between the 2022 and 2023 tax assessment year.
“What we’ve sought to do is come up with and create another opportunity to ensure that we’re providing tax relief in a time when our groceries are higher, our utility bills are higher, and when we all need some relief, particularly during the holiday season,” Gilmore Richardson said.
FORWARD is hosting a series of online workshops for Philadelphia residents to learn more about the program. The next webinars will be held Monday, Nov. 20 at 7 p.m. and Tuesday, Nov. 21 at noon.
The application and more information can be found here. The deadline to apply is Dec. 15.