Property Tax Relief for Longtime Homeowners

posted Dec 4, 2013, 8:35 AM by Wash West   [ updated Dec 4, 2013, 8:35 AM ]
In early December, the owners of residential properties that have had substantial increases in their property values will receive a letter in the mail from the City of Philadelphia, describing a new Real Estate Tax relief program for longtime homeowners, called LOOP, the Longtime Owner Occupants Program.

LOOP Eligibility Requirements:
  • The property’s 2014 Market Value minus the $30,000 Homestead Exemption must be more than 3 times the 2013 Market Value
  • Homeowners must own and have lived in this property as their primary residence since at least July 1, 2003.
  • The property is a single family or a multi-unit property with no more than three residential units and one commercial unit.
  • The property cannot have received a tax abatement now or in the past.
  • The Real Estate Taxes on the property must be paid in full or be up-to-date on a payment plan (or have an application for a payment agreement pending).
  • There are income limits based on household size.

If you are approved, your tax bill will be reduced for 10 years. To get these savings, the city must receive your application by January 15, 2014.

Eligible property owners are being mailed a pre-filled application and brochure with their personalized tax savings information. If you are not eligible for LOOP, you may be eligible for other tax relief programs.

More information and a tool to check eligibility and amount of savings are available by calling 215-686-9200 or visiting Assistance and information is available in multiple languages online and over the phone.