Program allows financially vulnerable to repay property taxes in installments
3/8/2013 | Real Estate Blog
After t‘s recent release of residential real estate valuations, the City of Philadelphia is encouraging low-income residents to participate in the Department of Revenue’s Real Estate Tax Installment Program. The program allows qualified homeowners to pay their current property tax bills in eight monthly installments without suffering any penalties.
Under the program, residents who meet eligibility requirements and continue making their payments will automatically be enrolled in a 12 months installment plan for real estate tax payment, without having to reapply. The program is being promoted as a good option for low-income Philadelphians, particularly seniors.
To be eligible for the Installment Program, applicants must be the owner of and reside in their primary residence and meet certain household income guidelines. Specifically, the income of a family of four may not exceed $42,720 in order for that family to qualify. Those applying this year are required to use their 2011 income information.
Spacing property tax payments over several months time is easier for low-income and other financially vulnerable individuals and families. Those who feel they may be eligible should strongly consider applying.
As we noted in a recent post, the new real estate valuations have had mixed results across Philadelphia. Some have said their assessment rose but they feel it is accurate; others say their assessment is fair but will be burdensome for them; and others say their new values are completely inaccurate. Hopefully, the payment program will be helpful for those who are the most financially vulnerable.
Source: The Philadelphia Sunday, “City of Philadelphia encourages participation in real estate tax installment program,” Hudson, March 4, 2013