Mayor Kenney Signs Property Tax Relief Measures into Law
Scoop USA Newspaper|August 02, 2022
Collaboration between the Administration, Councilmember Kenyatta Johnson and City Council bring new changes to existing tax relief programs
Mayor Kenney Signs Property Tax Relief Measures into Law

PHILADELPHIA, July 27, 2022 — Mayor Jim Kenney signed into law bills that provide significant relief for homeowners affected by the recent tax assessments by expanding the City’s Senior Citizen Tax Freeze Program (Bill No. 220499) and Longtime Owner-Occupants Program (Bill No. 220497). These changes dramatically increase access and eligibility for thousands of Philadelphia’s vulnerable homeowners and increase the value of the benefit for many households.

Last month, Kenney also signed into law Bill No. 200012, which increased the City’s Homestead Exemption from $45,000 up to $80,000, effective for Tax Year 2023. This means $80,000 of a property’s assessed value will be exempt from property taxes. According to 2023 data from the Office of Property Assessment (OPA), $194,200 is the median value for Philadelphia owner-occupied homes. This change will be reflected in Real Estate Tax bills for 2023.

For a Philadelphia homeowner, the increase in the Homestead Exemption to $80,000 means most homeowners will have an annual savings of about $1,119 on next year’s property taxes, up from $629 this year. Once the City of Philadelphia accepts a Homestead Exemption application, that person never has to reapply for the exemption unless their deed changes. The person receives property tax savings every year, as long as the person continues to own and live in the property.

This story is from the August 02, 2022 edition of Scoop USA Newspaper.

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This story is from the August 02, 2022 edition of Scoop USA Newspaper.

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