Longtime Philadelphian homeowners will get rewarded for their patience. In December, Mayor Michael Nutter unveiled the PHL Tax Loop plan, which will allow homeowners to receive some property tax relief as a result of property value increases around the city. The new Philadelphia administration has set aside $20 million for its long-tenured homeowners.
The previous mayoral administration had raised property taxes, partly due to rising home values throughout the state. With the induction of the PHL Tax Loop, many of those living in Philadelphia for a decade will be rewarded for their tolerance and payment through those years. Those approved through this one-time offer will have their tax bill reduced for ten years, contingent on continued success with requirements.
PHL Tax Loop Requirements For Those Living in Philadelphia
In order for residents to be eligible for the PHL Tax Loop, they must fill out these requirements by no later than February 17, 2014:
- - The property must be the homeowner’s primary residence from at least July 1st 2003
- - The inquiring homeowners must reside in a single-family or a multi-unit property (with as many as three residential and one commercial units).
- - The owner must meet the income requirements for the building’s household size.
- - The owner must be in a structured payment agreement in which his payments are up to date and the real estate taxes are current.
- - The property must not have ever had a tax abatement.
The program seems like a no brainer for Philadelphia residents to apply for and see if they qualify. Meanwhile, the early-year deadline will allow the city to formulate payment plans before the end of 2014. If you’re living in Center City, Northern Liberties, or South Philly, all longtime homeowners are encouraged to apply. Don’t miss out on the tax relief that those living in Philadelphia have been pining for.