If you don’t have a residential tax abatement on the primary residence you own, the Homestead Exemption can reduce the taxable portion of your assessed value by $80,000. With this program, Philadelphians can save around $1120 on their annual tax bill, and once accepted, you don’t have to reapply each year. You will receive the benefit as long as you continue to own and live in the property.
Those with a current residential tax abatement are not eligible, but you can apply after the abatement is expired or removed. If you move out of your property to a new primary residence–keeping your former residence as an investment property, you have to remove the exemption from that property and reapply with your new primary residence.
Early tax filers should apply by September 13 while all others can apply by the end of December to see the exemption reflected on the next year’s tax bill.
Ready to save money on your tax bill?
