Much has been said about the Board of Revision of Taxes’ (now Office of Property Assessment) implementation of the “Actual Value Initiative” (AVI) which hopes to accurately value properties for real estate tax purposes and finally put an end to the well documented inconsistency and unfairness that has plagued Philadelphia. Philly.com had a nice piece this weekend which brought attention to the Philadelphia Homestead Exemption. Philadelphia Homeowners can apply for a Homestead exemption that will provide some relief to those hit hardest by the new AVI. How the Philadelphia Homestead Exemption will work or how much relief will be granted is not entirely clear but some Philly.com reports that sources are saying new property assessments could be reduced by $15,000 – $40,000. Here are some of the key points of the Philadelphia Homestead Exemption:
A copy of the application for the Philadelphia Homestead Exemption Application is here.
After completing the above form, Philadelphia Homestead Exemptions will be included with property tax assessment change notices which will be mailed to homeowners in the fall of this year.
Here’s are some bullet points from Mayor Nutter’s letter regarding the Philadelphia Homestead Exemption:
I guess we’ll just all have to wait and see how things play out with the Philadelphia Homestead Exemption!
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
CenterCityTeam.com: Philadelphia Real Estate