Philadelphia has unveiled a new Low-income Real Estate Tax Freeze program aimed at providing financial relief to low-income homeowners facing the challenges of rising property taxes due to increased home valuations. By allowing eligible participants to freeze their tax bills at either the current amount or the previous year’s amount, the program ensures that homeowners can better manage their finances without the fear of escalating costs. To qualify for the program, applicants must meet specific income thresholds, with single individuals earning $33,500 or less and married couples earning $41,500 or less. Additionally, this tax freeze can be combined with the Homestead Exemption, which is set to increase to $100,000 in 2025, potentially saving homeowners approximately $1,399 annually. The application process is designed to be user-friendly, allowing residents to apply online without the need for a username or password.

This initiative aligns with Philadelphia's commitment to supporting its residents amid economic pressures and fluctuating housing markets. With the program now in effect, homeowners are encouraged to take advantage of this opportunity to stabilize their tax payments. The city is actively promoting this program to ensure that those in need are informed and can benefit from the available assistance.