Councilman Brian O’Neill (10th District) has introduced legislation in response to recent property assessment increases. The bills introduced in City Council would (1.) increase the homestead exemption by 25% from $40,000 to $50,000 and (2.) require revenue-neutral property assessments. “90% of residential properties in my district received increases in their 2020 assessments. That is unacceptable.” O’Neill said.
Under the homestead exemption bill, which was cosponsored by eleven Councilmembers, each eligible homeowner would not have to pay taxes on an additional $10,000 of assessed value.
The revenue-neutral legislation, which was cosponsored by six Councilmembers, would require the tax rate to automatically decrease if there were to be an increase in assessments, so that there would be no additional revenue going to the City without approval. This measure would put an end to the back-door tax increases many homeowners have experienced for consecutive years.
If you have any questions about or for more information regarding this matter, please call or visit one of Councilman O’Neill’s five full-time offices: Bustleton & Bowler above the 7th Police District (215-685-0432); FOP Lodge #5 Headquarters at 11630 Caroline Road (215-437-9167); Rhawnhurst at 7522 Castor Avenue (215-685-0438); Fox Chase at 432 Rhawn Street (215-685-6431); City Hall (215-686-3422).
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