Mayor Michael Nutter. Credit: Rikard Larma / Metro.
For long-time, low-income homeowners, relief from tax increases is on the way.
Yesterday, city officials announced a new real estate tax relief loophole which aims to ease some of the increases that tag along with the Actual Value Initiative reform.
AVI is a city-wide property tax assessment overhaul that determines real estate taxes on a properties’ true market value, instead of a predetermined rate.
To be eligible for the Longtime Owner Occupants Program, or LOOP: Homeowners are required to have lived in their current home for at least 10 years; their property assessments must have at least tripled from their previous assessments; They cannot currently or previously have received a reduction or elimination of a tax; They also must be of a certain income level and be current with all taxes.
Eligible homeowners will receive the loophole for the next 10 years.
The 80,000 eligible properties will cost the city about $20 million.
To check eligibility, residents can visit phila.gov/LOOP. The application deadline is Jan. 15.