Some good news, tax relief is coming to thousands of property owners in the city of Philadelphia.
“We’ve increased the homestead exemption from 45,000 to 80,000,” Kenney said. “The homestead exemption reduces the taxable portion of a property’s assessed value. Most homeowners will save about $1,119 a year when their real estate tax bill in 2023 up from $629 this year.”
In May, the city announced that residential property assessments for the tax year 2023 are going up by an average of 31%.
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