The Times has a piece out on various city programs designed to stem the tide of gentrification by offering tax relief to homeowners in rapidly-appreciating neighborhoods. Philly, it claims, is doing the most in this regard with a couple of newish programs.
Philadelphia, undergoing a resurgence during which the city has had its first population increase since the 1950s, appears to have enacted the most comprehensive measures to safeguard longtime homeowners.
The first, the Homestead Exemption, allows most homeowners to reduce the assessed value of their house by $30,000 for tax purposes, while a second law, called Gentrification Protection or LOOP, short for Longtime Owner Occupants Program, is more narrowly focused on protecting homeowners from increases to their property tax bills because of gentrification.
Be respectful of our online community and contribute to an engaging conversation. We reserve the right to ban impersonators and remove comments that contain personal attacks, threats, or profanity, or are flat-out offensive. By posting here, you are permitting Philadelphia magazine and Metro Corp. to edit and republish your comment in all media.
Subscribe and Save 86%!
Subscribe today and save up to 86% off your subscription price!
Whether tackling a newly constructed kitchen or renovating an old master bath, discerning homeowners know the struggles that come with choosing natural stone materials for their home projects. From the More >>