The Department of Revenue this week mailed letters to Philadelphia residents who may qualify for the Longtime Owner Occupants Program, or LOOP, for the first time.
Changes to local legislation and to federal income guidelines mean more people are eligible in 2019 than before, and we’re letting folks know.
LOOP is a property tax relief program for homeowners who’ve lived in their property for 10 years or more, and whose Real Estate assessment (minus the Homestead Exemption) rose 50% or more in a single year. However, income limits do apply.
The program works by locking in your property’s assessment at a certain amount for as long as you remain eligible. The result are Real Estate Tax bills that remain stable, even if the value of homes in your neighborhood shoot up. Your bill can still increase if the tax rate goes up.
If you received a letter, you should consider completing a LOOP application. If you didn’t receive a letter, but think you’re eligible, you should also consider applying for the program. Here’s a recap of the eligibility rules:
- You’ve lived in your Philadelphia property for 10 years or more.
- Your property assessment (minus the Homestead Exemption) increased by 50%, or more, from last year.
- Your property taxes or payment agreement are current, or you’re in an Owner Occupied Payment Agreement (OOPA) or installment plan.
- Your income falls below these limits (by family size):
|Family size||Income cap|
Other programs, such as the Homestead Exemption, may save you more money than LOOP. You cannot benefit from Homestead and LOOP at the same time.
Visit our website for more information about LOOP. You can also email questions to firstname.lastname@example.org. Applications are due by June 30, 2019.
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