Homestead exemption forms are arriving now in the mailboxes of Philadelphia homeowners. The city is hoping people will fill them out right away, even though they aren’t due for almost a year.
Mayor Michael Nutter says by filling out the homestead exemption forms immediately, homeowners will enable the city to more easily calculate your taxes for the fiscal year beginning next summer.
“These applications are pre-populated and have been sent to nearly 500,000 property owners in the city,” Nutter said. “If you fill out the forms and get them in by Nov. 15, the exemption will be noted on your 2014 tax assessment change notice.”
To blunt the effect of charging property taxes based on up-to-date assessments, the first $30,000 of a home’s value will not be taxed. Second homes and rentals don’t qualify. But homeowners will receive one more property tax bill based on old assessments and the exemption will not count toward that bill.
The forms technically don’t have to be in until July 31, 2013, but Nutter says people tend to forget, so it’s better to take care of them now.
Some 70,000 homeowners already have returned completed forms to the city.