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Philadelphia Tax Exemptions Remain Locked In Once Set by Longtime Owner Occupant Program

Official:Amending Chapter 19-3900 of The Philadelphia Code, entitled "Tax Exemptions for Longtime Owner-Occupants of Residential Properties," by clarifying that once the "deemed certified market value" is set for purposes of the Longtime Owner Occupants Program ("LOOP"), it shall remain at that value regardless of whether the property is subsequently assessed at a certified market value that is higher or lower than the certified market value that was originally used to calculate the "deemed certified market value"; and by authorizing eligible taxpayers who have obtained the LOOP tax exemption to opt ou

Sponsor: Councilmember Squilla

Introduced: May 7, 2015

Signed: June 18, 2015

: Committee on Finance

housing taxation

Plain-Language Summary

This bill clarifies that once a property's 'deemed certified market value' is set for tax purposes through the Longtime Owner Occupants Program (LOOP), it will remain at that value even if the property's actual assessed value changes. Eligible taxpayers who participate in LOOP can also opt out of the program and apply for a homestead exclusion.