The Homestead Exemption program reduces the taxable portion of your property assessment by $30,000. If approved, your real estate tax bill will likely be lower next year (typically around $400 lower). To qualify, you must own and live in the property. There are no income requirements. To apply, call the Homestead Hotline at 215-686-9200 or go to www.phila.gov. The deadline to apply for the Homestead Exemption for your 2017 taxes is September 13, 2016.