Dear Friends and Neighbors,
In early December, the owners of residential properties that have had substantial increases in their property values will receive a letter in the mail from the City of Philadelphia, describing a new Real Estate Tax relief program for longtime homeowners, called LOOP, the Longtime Owner Occupants Program.
Neighbors in your community may have questions about the program and whether they qualify. While potentially eligible property owners will receive an application in the mail, we know you will want to help spread the word and will get questions from your community.
LOOP Eligibility Requirements:
· The property’s 2014 Market Value minus the $30,000 Homestead Exemption must be more than 3 times the 2013 Market Value
· Homeowners must own and have lived in this property as their primary residence since at least July 1, 2003.
· The property is a single family or a multi-unit property with no more than three residential units and one commercial unit.
· The property cannot have received a tax abatement now or in the past.
· The Real Estate Taxes on the property must be paid in full or be up-to-date on a payment plan (or have an application for a payment agreement pending).
· There are income limits based on household size.
Eligible property owners are being mailed a pre-filled application and brochure with their personalized tax savings information.
More information and a tool to check eligibility and amount of savings are available by calling 215-686-9200 or visiting www.phila.gov/LOOP. Assistance and information is available in multiple languages online and over the phone.