PHILADELPHIA (CBS) — Philadelphia homeowners can expect to see increased property tax bills following the city's first property assessment in two years. The average homeowner will pay an extra $330 if they are enrolled in the Homestead Exemption program, a free service that reduces the assessed value of a home by $100,000. Homeowners not enrolled will pay an additional $615 on average, according to a city spokesperson. At a press conference Monday, Mayor Cherelle Parker explained the new assessments and the city's efforts to mitigate the financial impact on residents. Parker emphasized the importance of signing up for the Homestead Exemption and other available relief programs. "We recognize that it can be challenging," Parker said. "We are going to make sure that we are communicating directly with every Philadelphia homeowner impacted by these valuations." The city is pouring $1 million into a marketing campaign to inform residents about the expanded financial relief programs, including door-to-door outreach in the most affected areas. Finance Director Rob Dubow noted that while the property tax rate remains unchanged, the value of most properties has increased, leading to higher tax bills.
Besides the Homestead Exemption, the city offers several tax-freeze programs, where qualifying homeowners can "freeze" their property tax bills at the amount from the year before. One program is for senior citizens, which you can learn more about here. The city is also launching a new low-income tax-freeze program. The City Revenue Department is currently developing applications, which will be available in the fall. "That will help them lower their property taxes," Parker said. Homeowners will soon receive new assessment notices in the mail, as well as a letter from Parker with information about how to sign up for relief programs. Homeowners are also encouraged to appeal their property assessment if they feel it is incorrect.
© 2024 CBS Broadcasting Inc. All Rights Reserved.