3 things to check if you own property in Philadelphia

Have you checked your property’s assessed value that you get taxed on? If not, you might be making a big mistake!

1. The property taxes that you pay are directly based on this assessed value, and it’s your responsibility to make sure it’s accurate. This year, Philadelphia conducted a citywide reassessment of property values, the first since 2021. The reassessment aims to align property taxes with current market values. With rising real estate prices across the city, many homeowners have seen significant increases in their property assessments.

   
   

   Property Owners Have the Right to Appeal Their Property Assessment

   Property owners who believe their valuation is incorrect can file a formal appeal, which is due in October of each year.

2. Make sure you’ve filed for a Homestead Exemption increase! If you live in the property you own, you are eligible for a Homestead Exemption, which reduces your property tax burden. To mitigate the impact of higher property assessments, the city has increased the Homestead Exemption from $45,000 to $80,000. For example, if a home is assessed at $250,000, the first $80,000 is exempt, and the homeowner is taxed only on $170,000. If your property has a tax abatement, you are not eligible for this exemption.

3. Longtime Owner Occupants Program (LOOP) The Longtime Owner Occupants Program (LOOP) has been expanded to offer more relief to homeowners who have lived in their homes for over ten years and have seen their property assessments increase by more than 50% due to neighborhood appreciation. LOOP helps to cap the increase in property taxes for eligible homeowners, protecting them from being priced out of their neighborhoods.

Conclusion: Make sure you’re taking advantage of the city’s tax relief programs!

Written by Kanghee Lee