Take $30K off your property assessment

They’re in the mail — homestead exemption applications are on their way, announced Mayor Michael Nutter, this week.

Applications for the exemption, which is open to every homeowner in Philadelphia and will slash $30,000 off property assessments for a taxpayer’s primary residence, should start appearing in mailboxes in a few days.

“I want to encourage every Philadelphia homeowner to apply for the homestead exemption. This tax saving program is open to anyone who owns a permanent residence and will help put extra money in their pockets,” Nutter said at a press conference Tuesday Aug. 28 at City Hall.

In an effort to make the application process as easy as possible, the mailed application forms will be pre-filled with an individual’s account number, address and homeowner’s name. The city is mailing more than 500,000 applications.

Forms are also online at www.opa.phila.gov.

Homeowners should return their applications to the city by Nov. 15. The reduction in assessment will then take effect in the 2014 tax year. New assessment notices will be mailed out in February 2013.

The exemption is part of the city’s move to implement a new property tax system based on the market value of a property rather than a fractional value. Nutter wanted the new system in put in place this year, but City Council delayed action and will try to tackle the issue in its fall session, which begins Sept. 13.

Nutter noted that at the moment city officials expect the exemption to stand at $30,000, but that amount is subject to change.

For homeowners who have already applied, their previously submitted application is still valid unless they have moved or sold their home.

Only primary residences are eligible for homestead exemption. Vacation or rental properties are not eligible. If a homeowner’s property includes commercial or rental space, homeowners are still eligible to receive the homestead exemption for the portion of the property that is their primary residence. Co-ops are eligible.

Contact staff writer Eric Mayes at (215) 893-5742 or emayes@phillytrib.com.