"Our new property tax system is fair and accurate for all Philadelphians - but fairer and more accurate values meant large real estate tax increases for some homeowners," said Mayor Nutter. "LOOP is a valuable discount for these homeowners and we have received more than 25,000 applications so far. I want to encourage every eligible Philadelphian to apply for this important discount before February 18thso that they don't miss out on 10 years of real estate tax savings."
Eligibility requirements for PHL Tax LOOP are as follows:
* The Tax Year 2014 market value of the property minus the
* The property must be either a single-family dwelling or a multi-unit property with up to three residential units and one commercial unit;
* The property must be the primary residence of the owner since at least
* The property does not currently have or has never received a tax abatement;
* The real estate taxes for the property must be up-to-date; the owner must be current on an existing payment agreement or the owner must have applied to enter into a payment agreement; and
* The homeowner meets income requirements based on household size.
In order to qualify for LOOP real estate tax savings, applicants must meet all eligibility requirements and apply by
The LOOP discount will vary based on property values. Approved LOOP applicants will have their Tax Year 2014 real estate taxes calculated using the Tax Year 2014 tax rate of 1.34% multiplied by three times the Tax Year 2013 property value.
All applicants will be notified by a decision letter by the end of
* Homeowners applying for LOOP should pay the discounted amount indicated on the brochure received in the information packet by the real estate tax due date:
* If approved, no further action is needed. If an application is denied, the property owner must pay the balance due, the difference between the reduced amount due with the LOOP discount and the amount due without LOOP, by
If a homeowner pays real estate taxes through their mortgage company, the City will notify the mortgage company of the new amount due if the LOOP application is approved.
Eligible individuals should apply for LOOP whether or not they have received the Homestead Exemption.
Tax Year 2014 real estate tax bills for all
For more information on LOOP and to print out an application, log onto: www.phila.gov/LOOP. For questions and assistance, please call 215-686-9200. Information is available online and by phone in multiple languages and the hotline will be open on
Applications should be mailed to the PO Box listed on the application or will be accepted in drop boxes located in the Municipal Services Building Concourse at
In addition to these resources, the
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