There is nothing complicated about the City of Philadelphia’s Homestead Exemption tax relief program. When you claim Homestead for your primary residence in Philadelphia, it lowers your taxes for that property. You can likely save up to $550 every year on your property taxes.
Below we break down the program in four, simple numbers.
211,000 – The City has enrolled more than 200,000 households in the Homestead Exemption since 2012. Around 76% of eligible homeowners have taken part as of December 2017, making it one of the City’s most successful tax relief programs. But many more homeowners are still eligible!
$550 – This is the typical amount Philadelphia homeowners will save each year with Homestead starting in 2019. The total savings for Philadelphia residents is around $88 million annually.
1 – You only need to apply for Homestead once. Once you’re in the program, you stay in automatically. Your property loses homestead only when you sell it, or if the deed to your property changes.
Zero – There is no income limit for Homestead. It doesn’t matter if you earn a lot, a little, or in between. Income is not one of the considerations for eligibility. There is also no age requirement to apply. Homestead isn’t just for senior citizens.
If you benefit from the Longtime Owner Occupants Program (LOOP) or have a 10-year tax abatement, you can’t get Homestead until that existing program ends.
However, you can apply for Homestead even when you have an Owner-Occupied Real Estate Tax Payment Agreement (OOPA) or the Senior Tax Freeze.
You can apply to Homestead by: