UPDATE: Despite what the city’s Office of Property Assessment’s website says, the deadline is even further. It’s July 31 of NEXT year. The city wants the applications by Nov. 31 to be able to include the exemption in the new property assessments they plan to send out by the end of the year. Thanks to the good folks at the Daily News’ PhillyClout.com for clarifying this.
POSTED EARLIER: Don’t worry, you’re not alone. The homestead exemption was conceived of by City Council to blunt the effect of the Actual Value Initiative, a change in the property tax system that could triple or even quadruple property taxes for homeowners in East Passyunk (since we’ve gotten so awesome in the past few years).
Some people have been confused because the city initially said homeowners must apply for the exemption by today, July 31. Well, after AVI was pushed off for a year, the city extended the deadline to Nov. 15, so breath easy. Applications already submitted will still work, so if you’re one of those early birds, don’t worry. You’ll get your worm.
The exemption will knock up to $30,000 — the amount hasn’t been finalized yet — off the taxable assessed value of the home. That will probably lower all our tax bills by about $400 or $500, depending on the tax rate City Council decides on after they come back from summer break (they work so hard). We’d post a link to the form, but the city has pulled it off its website, so you can’t even do it now if you wanted to, but here’s a little more info about it (with the old deadline).
Do you have any other questions about what’s going on in the neighborhood? Let us know in the comments, or email us at email@example.com.