PHILADELPHIA (KYW Newsradio) — The deadline for the Homestead Exemption is fast approaching.
Philadelphia homeowners have until Dec. 1 to apply for the homestead exemption, a program that saves homeowners big bucks on their property tax bill.
There are no income or age limits. Any homeowner who lives in their home is eligible for the exemption, even if they have a "tangled title," said Deputy Revenue Commissioner Rebecca Lopez Kriss.
"There's no downside. I think it's just so important," Kriss said.
However, only about 80% of those eligible apply.
This year, City Council increased the value of the exemption so the average homeowner will save more than $1,119 on their tax bill.
Homeowners may be eligible for both the homestead exemption and the Longtime Owner Occupants Program (also known as LOOP, a discount for low-income homeowners), but they can choose only one. To make the decision easier, a chart is included within the LOOP application that breaks down eligibility.
Those looking to apply can do so online or over the phone by calling (215) 686-9200.
