If you have lived in your home for 10 years, meet the salary limitations based on your family’s size, LOOP may be able to provide relief on your property taxes. There are programs, where you must meet financial requirements, such as tax breaks for senior citizens, Active Duty Tax Credits for active military, as well as the Longtime Owner-Occupants Program (LOOP).Īlthough it is rare, with Philadelphia neighborhoods growing rapidly, home assessments can increase more than 50% in one year. The city has a number of programs that can help with property tax relief. For example, the rates for the 2022 tax year are: 0.6317% (City) + 0.7681% (School District) = 1.3998% (Total) Is there anything I can do to lower my property taxes? Programs With Income Requirements
Your total assessment is then multiplied by a percentage of tax (aka millage) determined by the City of Philadelphia and the School District of Philadelphia. Find the assessed Market Value of your home by looking it up here. The assessment is supposed to be based on a mass appraisal, not necessarily the price you paid for your home. Real Estate taxes are calculated every year based on an assessment of your property by the Office of Property Assessment (OPA). If non-payment goes past the first of January, the following year, an additional fine will be applied and the city can begin the process of foreclosing (aka selling your home at the sheriff sale). Delinquent payment will result in interest, penalties and fees. When you own your home outright, without a monthly mortgage balance, or if your mortgage company doesn’t collect a monthly tax payment from you, then it’s your responsibility to pay your yearly property taxes by March 31st. The company that holds your mortgage will even receive any notices of tax increase or adjustments, so you can be assured your property taxes are up to date and paid in a timely manner. The mortgage company collects your taxes and is responsible for paying the city directly. If you have a mortgage on your home, that due date will come and go without notice because your property taxes are rolled (aka escrowed) into your monthly payment. Taxes are due on the 31st of March every year.
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