If you own property in Philadelphia and it is your primary residence, you are eligible for the Homestead Exemption on your Real Estate Tax.
Legal entities, such as trusts, are never eligible for the Homestead Exemption.
Most homeowners will typically save about $550 a year on their Real Estate Tax bill. It works by reducing the taxable portion of your property assessment. In effect for 2019 Real Estate Tax bills, the assessed value of the property is reduced by $40,000 when you get Homestead.