PHILADELPHIA (CBS) -- Some good news, tax relief is coming to thousands of property owners in the city of Philadelphia. Mayor Jim Kenney signed bills Wednesday to provide significant help for homeowners affected by the recent tax assessments.
The bills expand the longtime owner-occupant program and the city's senior citizen tax freeze program. The legislation also increases the homestead exemption.
"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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