COUNCILMEMBER O’NEILL INTRODUCES BILL TO INCREASE HOMESTEAD EXEMPTION TO LEGAL MAXIMUM TO PROVIDE  IMMEDIATE PROPERTY TAX RELIEF FOR HOMEOWNERS

In Brian O'Neill, Council News, News by PHL Council

Like it? Share it!

PHILADELPHIA — Councilmember Brian J. O’Neill (10th District) today introduced additional legislation in City Council to reduce the impact of recent increased property tax assessments on Philadelphia’s homeowners.

Councilmember O’Neill’s proposed legislation increases the amount of the City’s Homestead Exemption from its current level of $45,000 to $90,000. The Homestead Exemption reduces the taxable portion of a property’s assessed value, providing it is the owner’s primary residence.

Earlier this month, the City’s Office of Property Assessments (OPA) posted preliminary data on its website showing 2023 residential property valuations with an average increase of 31% over 2019, the last year that OPA released city-wide data.

Following the release of the preliminary assessments, the Kenney Administration also introduced legislation to increase the Homestead Exemption, although that proposal increases to exemption to $65,000.
Councilmember O’Neill’s proposal brings the exemption amount to the maximum allowed by state law, or fifty percent (50%) of the median assessed value of properties granted a homestead exemption. According to OPA’s 2023 data, $189,800 is the median market value for Philadelphia owner-occupied homes.

“Drastically increasing the homestead exemption is the most effective way to provide immediate relief to taxpayers,” O’Neill said.

At a previous session of Council, Councilmember O’Neill also proposed legislation to extend the 2022 Senior Citizen Tax Freeze application deadline from January 31, 2022, which has passed, to September 30, 2022, so that eligible senior citizens are able to enroll in the program before the 2023 assessments take effect.

All proposed legislation relating to property tax relief will be referred to committee for public hearings, and will be considered during Council’s ongoing FY2023 budget process.

Read Councilmember’s O’Neill’s Homestead Exemption legislation.

# # #

Print Friendly, PDF & Email