 One of the great things offered to home owners in Philadelphia is the Homestead Exemption. This is only offered to people who own their primary residence in the city limits of Philadelphia. If you own an investment property this one is not for you. The exemption itself allows you to reduce your tax assessment by $45,000. Your tax assessment is the value the county deems your home to be worth. They then have a millage rate which varies per county and using those two numbers arrive at your tax bill. Once you apply for the Homestead Exemption you never have to apply again as long as you continue to live there. The below is info that can be found on the Philadelphia housing website: https://www.phila.gov/services/property-lots-housing/property-taxes/get-real-estate-tax-relief/get-the-homestead-exemption/  The above application can be found by going to the below link. https://www.phila.gov/media/20191220150105/Homestead-Exemption-application-2020-English.pdf
It is really easy to fill out the only portion people get caught on is the OPA number. An OPA number is Office of Property Assessment number. An it can be found by going to this link: https://property.phila.gov All you have to do is put in your property address and your OPA number will come up. Simple as that. So if you live in a home that you own start saving today! Comments are closed.
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Matt Tallent is a Realtor with The How Group. His passions include rental property investing and helping others achieve their real estate goals.
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