HARRISBURG, July 5, 2012 — State Sen. Anthony H. Williams’ legislation that will provide Philadelphia property owners with an opportunity to receive property tax relief through a homestead exemption was signed into law today.
Gov. Tom Corbett today signed into law Senate Bill 1301, which will allow the city to exempt a portion of assessments for owner-occupants of residential properties. Property taxes for tax year 2013 will be based on the 2011 certified assessed values, in order to ensure that Philadelphia’s property owners are paying taxes based on the most recently undisputed valuations available until the Actual Value Initiative (AVI) is implemented in Philadelphia.
“Many Philadelphia property owners are already hurting from two property tax increases over the last two years. Now, as the city is about to undergo a major property reassessment, many residents will certainly feel even more pain,” Williams said. “This law will provide property owners with an opportunity for financial relief at a time when they may really need it.”
Although the city has postponed the AVI, property owners who already have applied for the exemption will be considered. For those who are interested in applying for the exemption, the city will be updating its application soon, so visit www.phila.gov for more information.