Possible loss of Homestead Exemption if your property deed is transferred!

Philadelphia’s property tax “Homestead Exemption” reduces the taxable portion of your property assessment by $30,000. If you are approved for the Homestead Exemption, your real estate tax bill will likely be lower next year. To qualify, you must own and live in your property. The application deadline for the 2015 tax year is September 13, 2014.

But please be aware of the following:  If you own your home but your name is not on the deed, you have what is called a “tangled title.” This might be because you inherited your home and title was never transferred or you purchased the home through a lease-purchase agreement. If you have a tangled title, you are eligible for the Homestead Exemption. However, if the property has already been approved for the Homestead Exemption and you then resolve the tangled title by recording a new deed in your name, the property automatically loses Homestead Exemption status and you must reapply!

 

To reapply for the Homestead Exemption, call Philadelphia’s Homestead Hotline at 215-686-9200.

If you have any questions, please contact SeniorLAW Center at 215-988-1242 or 1-877-727-7529.