The city’s Office of Property Assessment (OPA) announced on August 5 that it has completed the reassessment of 580,000 properties in Philadelphia. As a result, on average, single-family residential properties will see an increase in their property tax of about $330 for the coming year. The new property tax values will take effect on January 1, 2025, and the deadline for property tax payment is Monday, March 31 of that year.
Assessment notices were sent to homeowners starting on August 7, and the updated values for individual properties are also available on the website property.phila.gov.
Mayor Cherelle L. Parker, along with city officials, unveiled plans to expand the reach of key tax relief programs to mitigate the impact of the reassessments on homeowners.
To this end, the city government is launching the Low-Income Tax Freeze Program. Eligible homeowners can “freeze” their property tax bills at the previous year’s amount. The city’s Department of Revenue is preparing applications for this new program, which will be available this fall.
All homeowners are eligible for the Homestead Exemption, with the application deadline being December 1, 2024. Seniors and income-eligible homeowners can pay their current property taxes in 11 monthly installments until December 15, 2025, instead of making a single payment by March 31, 2025. Applications must be submitted by March 31 of next year.
The Real Estate Tax Freeze Program for seniors, based on income, “freezes” the real estate tax so that it does not increase in the future, even if the tax rate or assessment rises. Applications must be submitted by September 30, 2025.
The Longtime Owner Occupants Program (LOOP), the Owner-Occupied Payment Agreement (OOPA), and the tax credit that exempts active members of the reserve and National Guard are other programs offered by the city.
