The Homestead Exemption reduces the taxable portion of your property's assessed value. The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion."To receive a homestead or farmstead exclusion, a Pennsylvania resident must submit an application to the county assessor prior to March 1. So, a homestead exemption is a legal provision designed to protect the value in a principal dwelling place. A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence. The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia. If you co-own the home with someone other than your spouse, your share of the home's value will be exempted. Q. I already have a homestead exemption. Use the property tax relief calculator on the Property Search website to see if your property has the Homestead Exemption. If you received a homestead exemption and are still living in the same residence, you are not required to reapply each year.
