At what age do seniors stop paying property taxes in Philadelphia?
Age requirements A person aged 65 years or older, A person who lives in the same household with a spouse who is aged 65 years or older, or. A person aged 50 years or older who is a widow of someone who reached the age of 65 before passing away.
Real Estate Taxes in Philadelphia
Philadelphia is a great city to live in and many people are attracted to its diverse culture, great food, and vibrant neighborhoods. However, there are also some downsides to living in the City of Brotherly Love, one of which is the cost of real estate taxes. Real estate taxes in Philadelphia can be quite expensive, and it’s important to understand how they work before you buy a home or property. In this article, we’ll explain how real estate taxes work in Philadelphia and provide some tips for reducing your tax burden.
How Real Estate Taxes Work in Philadelphia
In Philadelphia, real estate taxes are calculated based on the assessed value of the property. The assessed value is determined by the city and is usually lower than the actual market value of the property. The assessed value is then multiplied by the tax rate to determine the amount of taxes due. The tax rate is set by the City of Philadelphia and is typically around 1.3%.
There are some exemptions that may reduce your real estate taxes in Philadelphia. For example, if you are a senior citizen or a disabled veteran, you may be eligible for a reduced tax rate. Additionally, if you own a home that is your primary residence, you may be eligible for an exemption on up to $30,000 of assessed value.
Real estate taxes in Philadelphia are typically due twice a year, on March 31st and September 30th. You can pay your taxes online, by mail, or in person at the Tax Office. If you choose to pay by mail, you must include a payment coupon with your check or money order.
Tips for Reducing Your Tax Burden
- Challenge Your Assessment: If you think your assessment is too high, you can file an appeal with the City of Philadelphia. You may be able to reduce your assessment and lower your tax bill.
- Apply for Exemptions: As mentioned above, there are certain exemptions that may reduce your tax burden. Be sure to check if you qualify for any of these exemptions.
- Pay Your Taxes On Time: Paying your taxes on time is important to avoid penalties and interest charges.
- Consider Refinancing: If your taxes are too high, you may want to consider refinancing your mortgage to lower your monthly payments.
- What is the tax rate in Philadelphia? The tax rate in Philadelphia is typically around 1.3%.
- When are real estate taxes due? Real estate taxes are typically due twice a year, on March 31st and September 30th.
- Can I pay my taxes online? Yes, you can pay your taxes online through the City of Philadelphia’s website.
- Are there any exemptions that may reduce my taxes? Yes, there are certain exemptions that may reduce your tax burden. Be sure to check if you qualify for any of these exemptions.
Real estate taxes in Philadelphia can be quite expensive, but there are ways to reduce your tax burden. Be sure to challenge your assessment if you think it’s too high, apply for exemptions if you qualify, pay your taxes on time, and consider refinancing your mortgage to lower your monthly payments. With a little bit of research and planning, you can save money on real estate taxes in Philadelphia.