PHL TAX LOOP
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PHL TAX LOOP (Longtime Owner Occupants Program; formerly known as Gentrification Protection) Check if your home qualifies for LOOP and how much you can save. If you are approved, your tax bill will be reduced for 10 years with a one-time application. To get these savings, your application must be received by January 15, 2014, and you have to meet the other requirements below.
Loop Eligibility Requirements:
1) You must own and have lived in this property as your primary residence since at least July 1, 2003.
2) Your home is either a single family or a multi-unit property with no more than three residential units and one commercial unit.
3) Your property has not received a tax abatement.
4) The Real Estate Taxes on your property must be paid in full or you must be up-to-date on a payment plan (or have an application for a payment agreement pending). There is an income limit based on Household size.
What do I do next?
1) Fill out and submit the application (link below or we can print for you at SKCP office); must be received by January 15, 2014
2) Pay the amount due after the LOOP discount as your 2014 Real Estate Tax by March 31, 2014 (or by February 28, 2014 to get a 1% discount). The discounted amount can be found on the brochure mailed to you or look it up here.
3) If your LOOP application is not approved, you will need to pay the balance of your tax bill by April 30, 2014.
Have Questions? Need Help? Call 215-686-9200
Application is available here.