Philadelphia Pennsylvania USLegal Pamphlet on Homestead Filing

Name: Philadelphia Pennsylvania USLegal Pamphlet on Homestead Filing
Brand: US Legal Forms
Rating: 4.77 (487 reviews)

Category:

Real Estate - Homesteads

State:

Multi-State

County:

Philadelphia

Control #:

US-PMPH-22

Format:

Instant download

Description

This pamphlet provides an overview of homestead filing. Topics covered include the purpose of homestead laws, general requirements, and homestead waivers.

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FAQ

Qualifying homeowners can get a tax exemption that reduces the tax value of their property up to $50,000. Qualifying homeowners can get $2,000 deducted from 40% of the assessed value of their primary residence. Age 65 and over can claim $4,000, and disabled veterans could get a $60,000 exemption.

The Homestead Exemption reduces the taxable portion of your property assessment by $45,000 if you own a home in Philadelphia and use it as your primary residence. It saves most homeowners around $629 each year. Once we accept your Homestead application, you never have to reapply, unless your deed changes.

Under law, a homestead is defined as dwelling, including the parcel of land on which the dwelling is located and the other improvements located on the parcel for which any of the following apply: The dwelling is primarily used as the domicile of an owner who is a natural person.

Homestead exemptions remove part of your home's value from taxation, so they lower your taxes. For example, your home is appraised at $300,000, and you qualify for a $40,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $260,000.

If you own and live in your home as your primary residence within Philadelphia, you are eligible to receive the $30,000 Homestead Exemption. Your property taxes could be lowered by up to $402, saving you money in 2014 and for many years to come.

Filing Deadline Homeowners should contact their county assessment office for a copy of their county's homestead and farmstead application form. The March 1 application deadline for property tax relief is set in the Homeowner Tax Relief Act (Section 341 of Act 72 of 2004).

Another easy option is to call the Homestead hotline: (215) 686-9200. There is more information about this program, and how to apply on our website. Find out if you have Homestead on the City's property lookup website.

To be eligible for a homestead exclusion, a natural person must be the owner of the property and that property must be both your domicile and primary legal residence. This means the property must be your actual home and the place you return to regularly. Houses, condos and cooperative apartments are all eligible.

The Homestead Exemption reduces the taxable portion of your property's assessed value. With this exemption, the assessed value of the property is reduced by $45,000. Most homeowners will save about $629 a year on their Real Estate Tax bill. Once we accept your application, you never have to reapply for the exemption.

If you own your primary residence, you are eligible for the Homestead Exemption on your Real Estate Tax. The Homestead Exemption reduces the taxable portion of your property's assessed value. With this exemption, the assessed value of the property is reduced by $45,000.

Philadelphia Pennsylvania USLegal Pamphlet on Homestead Filing

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How much can I save in homestead?

Does Philadelphia have a Homestead Exemption?

What qualifies as a homestead in PA?

How does Homestead Exemption work?

Who is eligible for Homestead Exemption Philadelphia?

How do I file for Homestead Exemption in PA?

How do I know if I have Homestead Exemption Philadelphia?

How do you qualify for the homestead Act in Pennsylvania?

How much does the Homestead Exemption save in Pennsylvania?

Who qualifies for PA Homestead Exemption?

Interesting Questions

What is the Homestead Filing786997?

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