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Deadline For Philadelphia Homestead Exemption Draws Near

By Mike Dunn

PHILADELPHIA (CBS) -- This Friday brings the deadline for Philadelphia homeowners to apply for the city's first-ever Homestead Exemption.

It could save you up to $400 dollars.

The city's new property assessments that kicks in next year also bring a new Homestead Exemption program, but those applications are due by this Friday, September 13th.

"There are still a lot of eligible homeowners who have not yet applied," says Kate Dreher, Deputy Administrator for the Office of Property Assessment.

Dreher says of the 320,000 homeowners thought to be eligible, only 207-thousand have applied so far.

That means about one-third of those who could take advantage have not yet done so.

"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," Dreher says.

The exemption chops 30-thousand dollars off the value of your home, and that in turn decreases your property taxes up to about 400-dollars.

"The only two requirements are that you own your home and live in it as your primary residence.
There are no age or income restrictions. We really think that this is one of the easiest programs to qualify for," says Dreher.

You can apply by calling the OPA at 215-686-9200

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