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Homestead Exemption INCREASE
By now you’ve heard about the homestead exemption in Philadelphia, right? If not, here’s the spark notes version: if you own a home in Philadelphia and consider it your primary residence, you’re able to deduct a designated amount from your property assessment to determine your tax bill.
Up until the beginning of June, the exemption was for $40,000 but after a City Council meeting earlier this month, it was agreed to raise it to $45,000 - a win for homeowners in Philadelphia next year. So what this means is this:
If your home is worth $100,000, this year your tax bill would be $840 (at the current $40,000 exemption). In 2020, however, if your home is valued at $100,000 again, you would pay taxes on $55,000 of that yielding an annual tax bill of $770 (as opposed to the full value of the home which is a bill of $1,400).
Residents have felt the pressure of increasing assessments so the city is using this as a way to help alleviate some of the rising annual tax bills for homeowners.
Have you applied to receive the homestead exemption? There’s no reason to wait, or not to apply - check out the full details and apply here. Be sure to complete the application by September 13, 2019 in order to be eligible for 2020. If you've already applied or already have the exemption, you DO NOT need to reapply each year. One and done!
Justin was born and raised on the Main Line in Bala Cynwyd, just outside of Philadelphia. He graduated from the University of Delaware with a Bachelor of Science in Marketing. After graduation, Justin....