The Homestead Exemption Deadline Is Extremely Nigh

If you’re trying to save $400 off the city’s upcoming Actual Value Initiative property tax hikes, you’d better get your forms in order by Friday.

That’s the deadline for Philly’s first ever Homestead Exemption, a measure that promises to knock $30,000 off the value of a home, which translates to property tax savings totaling $400. A good deal, considering that the property tax tops out at 1.34 percent.

To apply, there are just two criteria:

  1. You must own your own home.
  2. You must live in that house as your primary residence.

Easy, right? Unfortunately, only about 2/3 of Philly homeowners have applied for the exemption, meaning around 113,000 properties won’t be exempt as of right now. Officials, like deputy administrator for the Office of Property Assessment Kate Dreher, meanwhile, hopes more residents will call in:

“We’re hoping that, in this last week, a lot of people will take the time to apply. It takes only a few minutes if you call. If people don’t apply, they’re just leaving free money on the table.”

Hear that, guys? Free money. On the table. You can reach the OPA at 215-686-9200 for yours. [CBS]