Thanks to new legislation PACDC advocated in favor of in City Council and in the State Legislature, the City just launched a new program for property tax relief called PHL Tax LOOP (Longtime Owner Occupants Program). This program offers relief for long-time homeowners who have seen their property taxes increase dramatically under the Actual Value Initiative (AVI). If a homeowner has lived in their property for more than ten years, their property assessment increased by more than 300%, is current on their taxes or subject to a payment agreement, and their annual household income is at or below 150% of Area Median Income, they may be eligible to receive relief.
The income limits are as follows:
- $83,200 for one person
- $95,050 for two people
- $106,950 for three people
- $118,800 for four people
- And so on (add $9,500 for each additional person over four).
Homeowners who may be eligible will receive applications in the mail. If you are enrolled, your property assessment will be capped at 300% of your 2013 assessment for the next ten years.
If you have not receive the application in the mail but would like to check your eligibility, or for additional information about the program, visit: http://www.phila.gov/
The City of Philadelphia has extended it's deadline to participate in the LOOP program from January 14 to February 17, 2014.