READ AND PASSED

This enacted bill changes Philadelphia’s Longtime Owner-Occupants Program (LOOP) by keeping a participating property’s deemed certified market value fixed, even if later assessments are higher or lower, until the property is sold, transferred, no longer the owner’s principal residence, the owner opts out, or 10 years have passed. Eligible taxpayers may irrevocably opt out and then apply for the homestead exclusion, and the Department of Revenue must provide information about applying and opting out before annual property tax bills.

Amending Chapter 19-3900 of The Philadelphia Code, entitled "Tax Exemptions for Longtime Owner-Occupants of Residential Properties," by clarifying that once the "deemed certified market value" is set for purposes of the Longtime Owner Occupants Program ("LOOP"), it shall remain at that value regardless of whether the property is subsequently assessed at a certified market value that is higher or lower than the certified market value that was originally used to calculate the "deemed certified market value"; and by authorizing eligible taxpayers who have obtained the LOOP tax exemption to opt out of the program and to thereafter apply for a homestead exclusion; all under certain terms and conditions.