Property tax bills were mailed last week by the Office of Property Assessment. This is a good time to confirm if you quality for any tax breaks. There are two ways your tax bill might be cut, abatements and exemptions:
- Abatements apply credits to the amount of tax due. Some rehabilitated properties in Queen Village qualify for a 10-year tax abatement.
- Exemptions reduce a property’s assessed value. The most widely used is the homestead exemption. Homeowners who have lived in their homes for 10 years or more may quality for the Longtime Owner Occupants Program (LOOP).
To learn about other exemptions and abatements, visit www.phila.gov/OPA.