Philadelphia offers assistance for homeowners

Residents of the city of Philadelphia, Pennsylvania, woke up today to pleasant and important news. City officials, in a recent statement, expressed that from now on, residents can access the new tax freeze program aimed at low-income individuals seeking to address the increase in property assessments.

The main objective of this government initiative is for those who enroll in the program, meet the requirements, and are accepted to be able to freeze their property tax bills, thereby protecting against assessment increases for the next year and any potential rate increases in the future.

This new tax assistance is part of a budget package approved by the City Council aimed at providing tax relief to homeowners before the new assessments take effect. According to data from the Mayor of Philadelphia, the city’s assessments for residential properties have increased by 19%, and it is forecasted, due to market movement, that there will be further increases.

In order to help keep tax bills manageable, avoid unpleasant foreclosure processes, and protect residents, the city has always tried to offer and create programs that assist citizens and the economic sustainability of Philadelphia, argues the mayor.

Among the fundamental requirements to qualify for the proposal, as it is directed towards low-income individuals, is the applicant’s economic capacity. The proposal requires that a person wishing to participate must not have an income exceeding $33,500, and if participating as a family, their income must not exceed $41,500 per year.

However, since the administration does not want to have age restrictions in its tax freeze program and due to state law requirements, if the applicants to the initiative are seniors, the income limits must align with Pennsylvania’s pharmaceutical assistance program.

Another assistance currently offered by the Philadelphia City Council, which is part of the mayor’s budget agreement, is the Homestead Exemption. This aid is exclusively directed at homes occupied by their owners. The aim of this measure is to effectively reduce the taxable value of the property, meaning a resident could end up paying almost half the taxes on the assessed value of the property.

It is worth noting that both measures are not mutually exclusive; that is, all qualifying Philadelphia citizens can apply for both aids.

Available Foreclosures:

Philadelphia: 1200 homes available.

By Elias DaSilva | October 4, 2024.