As communities develop, Philadelphia decided long time homeowners with low to moderate income levels must be protected from exorbitant tax increases. As we all know, when neighborhoods become more desirable, property values rise and real estate taxes follow accordingly. LOOP is a 10 year real estate tax discount for longtime City homeowners. The program caps eligible property assessments at three times the pre-AVI levels which can result in significant savings for the next 10 years. Last month, Kenyatta Johnson introduced legislation before the City Council Finance Committee to extend the LOOP benefits for as long as an enrollee owns the property or enrolls in Philadelphia's Senior Citizen Tax Freeze. These programs are a cost-effective way to ensure development without displacement, and retain lifelong homeownership in Philadelphia. For example, a property I know of is now assessed at $264,800. At the City mil rate of .0134, the annual taxes should cost $3,548.32. With LOOP, the homeowner is paying $1,663, a savings of $1,885.32 per year.
Author:Karen Joslin Phone: 215-219-7894 Dated: March 9th 2016 Views: 333 About Karen: Karen is a Philadelphia resident, parent and homeowner since 1985. She specializes in guiding first ...
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