City Council on Thursday voted to extend the deadline to apply for property tax relief – otherwise known as the Homestead Exemption – from July 31 to Sept. 13, 2013.
The ordinance was introduced by Councilman Curtis Jones, Jr. on behalf of Council President Darrell Clarke and co-sponsored by the majority of Council members.
The Homestead Exemption could save owner-occupants hundreds of dollars in taxes come 2014, when the city is expected to implement the Actual Value Initiative, under whichreal estate taxes will be based on a property’s true market value rather than on a predefined percentage.
A little more than 50 percent of eligible homeowners have been approved for the Homestead Exemption program, according to figures provided to Council by Mayor Michael Nutter’s Administration.
As many as 72 percent of Philadelphia homeowners could get a property tax cut next year with full participation in Homestead Exemption, according to a release from City Council.
Council offices are in the process of reaching out to eligible households to raise awareness of the Homestead Exemption program and to assist with the application process.
As part of an ordinance co-sponsored by Councilwomen Jannie Blackwell and Blondell Reynolds Brown,City Council also on Thursday voted to allow those who purchase homes within 30 days before the Sept. 13 deadline or shortly after to apply for the Homestead Exemption within 30 days of the date of transfer.
The cut-off for such applications is Dec. 1, 2013.
Nutter is expected to sign both bills into law, according to Council.