City Council Looks To Change LOOP Program
By Mike Dunn
PHILADELPHIA (CBS) -- City Council will take a look at extending exemptions for longtime Philadelphia residents whose property taxes jumped tremendously under last year's reassessments.
The LOOP program is for residents who have been in the same home for more than a decade and whose assessments more than tripled. Those who are approved have their assessments capped at the tripled rate for the next ten years. But Councilman Kenyatta Johnson wants the cap to last longer -- until the house is sold or until the owner is deceased:
"We want to make sure that beyond the 10-year tax relief exemption under LOOP, "Johnson says, "that if they're still living in their home, they still have the ability to pay their taxes and to stay in their homes."
About 80,000 homeowners may be eligible for LOOP. Those who applied are to be notified by the end of March, if they qualify.
Johnson's proposal will be debated in committee. He does not believe the extension of the cap will prove to be costly to the city.