Posted by Gregory Damis - CNHS on
Aug 22, 2022
In May, the City of Philadelphia reassessed thousands of residential properties, making for an increase in property taxes of 31% on average, to go into effect in 2023. Do you know if your home has been affected? Check on the city's website at property.phila.gov. There's a handy calculator on that page where you can see an estimate of your 2023 property taxes, and it will also show if you have the Homestead Exemption or not. If you do, the tool estimates the effect of the current amount and the Mayor's proposed increase in the Homestead Exemption.
The Homestead Exemption is available to Philadelphians who own and live in their homes. It reduces your annual property tax bill, but the amount and tax rate could change if City Council passes the Mayor's proposed increase.
There is also the Longtime Owner Occupants Program (LOOP), a property tax relief program for those who have lived in their home for 10 years or more and whose property assessments increased by 50% over last year. Participants must also fall within income limits. Learn more about both of these programs here.
If you are interested in appealing your assessment, here is information on that process. Heads up - it can take some time. I hope this has helped give you a fuller picture of the property tax landscape in Philadelphia. Let me know if you have any questions.
Team Damis Berkshire Hathaway HomeServices Fox & Roach, REALTORS® 530 Walnut Street, Suite 480 Philadelphia, PA 19106