The city has begun mailing out homestead exemption applications to about 500,000 Philadelphia property owners, and Mayor Nutter is encouraging residents to return the forms by November - though the exemption won't be applied until 2014.
The exemption allows property owners to shave off a certain amount of their property's value before the tax rate is applied. Currently, the exemption is set at $30,000.
The exemption will not be applied to tax bills due in 2013. Rather, the administration is hoping to switch to a new property tax system for 2014, based on a recently completed citywide reassessment. The city plans to inform property owners of the results of the reassessment in February, showing what the city believes each property is truly worth. The exemption would be applied to that value.
