philadelphia homestead exemption application

Philadelphia Homestead Exemption: Lowering Your Property Taxes

The Philadelphia Homestead Exemption provides a significant reduction in your annual property tax bill. It does this by reducing the taxable assessed value of your primary residence by a specific amount, effectively lowering the amount of tax you owe. If you own and live in your home in Philadelphia, applying for this exemption can save you money each year.

What is the Philadelphia Homestead Exemption?

The Homestead Exemption is a program designed to provide property tax relief to homeowners who occupy their property as their primary residence. In Philadelphia, the exemption reduces the taxable assessed value of the property. This means you’re taxed on a smaller portion of your property’s value, resulting in lower property taxes. More information about property taxes and exemptions can be found on Wikipedia’s Property Tax page.

Who is Eligible for the Homestead Exemption?

To qualify for the Philadelphia Homestead Exemption, you must meet the following requirements:

• You must own the property.
• The property must be your primary residence. This means you live there full-time and it’s your official address.
• You must apply for the exemption.

Rental properties and vacation homes do not qualify. Only owner-occupied residences are eligible.

How to Apply for the Philadelphia Homestead Exemption

Applying for the Homestead Exemption is a straightforward process. You can typically apply online, by mail, or in person. The City of Philadelphia’s official website provides detailed instructions and the necessary application forms. You will need to provide basic information about yourself and your property, including your name, address, and property tax account number. No income verification is required.

Key Things to Remember About the Application

• Deadline: While there isn’t always a strict annual deadline, applying sooner rather than later ensures you receive the exemption for the upcoming tax year.
• One-Time Application: Once approved, the Homestead Exemption remains in effect as long as you continue to own and occupy the property as your primary residence. You don’t need to reapply every year.
• Update Information: If your ownership status changes or you move, you must notify the city to avoid potential penalties.

Frequently Asked Questions

What if I recently purchased my home?

If you recently purchased your home, you should apply for the Homestead Exemption as soon as possible. Your application will be processed, and if approved, the exemption will take effect in the following tax year.

How much money will I save with the Homestead Exemption?

The specific amount you save depends on the current exemption amount and the city’s millage rate. The exact amount varies, but it generally translates to a noticeable reduction in your annual property tax bill.

Can I apply if I’m behind on my property taxes?

Yes, you can still apply for the Homestead Exemption even if you are behind on your property taxes. The exemption will reduce your future tax liability.

What if I rent out a portion of my property?

As long as you live in the property as your primary residence, renting out a portion of it (e.g., a room or an apartment) does not necessarily disqualify you from the Homestead Exemption. However, it’s best to confirm this with the City of Philadelphia to ensure you meet all eligibility requirements.

Where can I find the application form?

The application form and detailed instructions are available on the City of Philadelphia’s official website. You can search for “Philadelphia Homestead Exemption application” to find the relevant page.

In Summary

The Philadelphia Homestead Exemption is a valuable tool for homeowners looking to reduce their property tax burden. By meeting the eligibility requirements and completing the application process, you can significantly lower your annual property taxes and save money. Remember to apply promptly and keep your information up-to-date to maintain your exemption.