A New Tax Plan Decided by City Council Members Will See Increased Property Tax Bills in 2023 for About 60% of the City’s Property Owners
The increases are a result of the first citywide reassessment in three years, which saw residential values jump 31% on average.
Under the new tax plan, the property tax rate of 1.3998% would stay the same, but the Homestead Exemption (which reduces the taxable value of owner-occupied properties) would increase from $45K to $80K. The Homestead Exemption is available to Philadelphians who own and live in their homes as a primary residence.
Another program of note is the Longtime Owner Occupants Program (LOOP), a property tax relief program for Philadelphians who have lived in their home for 10 years or more and whose property assessments increased by 50% over last year. Participants must also fall within income limits. Learn more about both of these programs here.
For additional information, check on the city's website at property.phila.gov to view an estimate of your 2023 property taxes, and to see if you currently have the Homestead Exemption.
Questions can be directed to the Revenue Department here:
