Posted on: January 29, 2014
In a previous blog post, we discussed LOOP and how it could benefit you if you are a long-time resident:
Many people’s property tax assessments went through the roof under the city’s new property tax valuation system known as AVI. For some residents, specifically:
1) Those who have been in their homes for over 10 years.
2) Those whose property taxes will more than triple due to AVI.
The city is offering relief in the form of LOOP (Longtime Owner Occupants Program). To be eligible for this program you must fill out a form and be under a certain household income (illustrated on the second page of the form).
If you qualify, your tax bills will be calculated on a tripled assessment, abating anything beyond that for 10 years.
The Deadline for LOOP has been extended, but is fast approaching. Visit the LOOP page at Philadelphia.gov and apply by FEBRUARY 17th.