Time Is Running Out To Apply For Program That Allows Homeowners To Defer Portion Of Real Estate Taxes
By Mike Dunn
PHILADELPHIA (CBS)--Low-income Philadelphia homeowners have less than a month left to apply for a program that lets them defer a portion of their real estate taxes.
Some may sorely need this after the citywide reassessment known as AVI.
It's a tax deferral program created in the wake of AVI to help some medium income property owners and many more low income owners.
Revenue Commissioner Clarena Tolson says there are two requirements.
"One is that the 2014 real estate tax must have increased by more than 15-percent of the 2013 tax level. And two, there are some income guidelines using a four-tiered system that the taxpayer and homeowner must meet."
Tolson says those who qualify don't have to pay the portion above the 15-percent increase until the home is sold.
"Applicants can defer the amount that is above the 15-percent increase in taxes. And there is a small minimal interest rate that is applied to it, without having penalties and other interest applied to the account."
That interest rate on the deferred tax is set at 2-percent interest.
The deadline to apply is February 17th.
For more information on the program, visit: phila.gov/revenue, or call 215-686-6442 to check on your eligibility.
