What Philadelphia’s New Property Valuations Mean and the Relief Programs That Can Lower the Bill
PHILADELPHIA — The city’s Office of Property Assessment mailed new valuation notices over the summer covering more than 580,000 residential, commercial and industrial properties for tax year 2027. For the median-valued home, the city estimated the new assessments would add about $97 a year to the Real Estate Tax bill, though the actual effect depends on each property’s value, tax relief enrollment and future tax-rate decisions.
The new values take effect Jan. 1, 2027, according to the city. Tax bills are scheduled to be mailed Dec. 1, 2026, and payment for the 2027 tax year is due March 31, 2027. The tax rate of 1.3998 percent has been unchanged since 2016, realtor.com reported in its coverage of the mailing.
Homeowners who think their assigned value is wrong had a short window to challenge it. The first-level review form sent with the notice was due Sept. 1, 2026, and formal appeals to the Board of Revision of Taxes closed Oct. 5, 2026, according to the Chestnut Hill Local. Owners who missed the window should focus on the relief programs below for the 2027 tax year.
The Homestead Exemption is the city’s broadest relief tool and the one most owner-occupants should check first. It reduces the taxable portion of an owner-occupied home’s assessed value by $100,000, and the city says most qualifying homeowners save about $1,399 a year. Applications for the 2027 exemption are due Dec. 1, 2026, and owners who are already enrolled generally do not need to reapply unless ownership has changed.
The Longtime Owner Occupants Program, known as LOOP, is aimed at a narrower group facing sharp assessment jumps. The city says LOOP is for homeowners who have lived in their home at least 10 years, meet income requirements, and saw their assessment rise by at least 50 percent in one year or 75 percent over five years. It limits the increase in the current year’s taxes to 50 or 75 percent and then stops future assessment-driven increases for as long as the owner qualifies.
Homeowners cannot collect both benefits at once, so the choice matters. Anyone enrolled in LOOP is not eligible for the Homestead Exemption, and anyone with a tax abatement is also excluded from the Homestead program. The city provides a comparison calculator on its LOOP flyer to help owners figure out which program saves more in their case.
Other programs target seniors and homeowners on tight budgets. The Senior Citizen Real Estate Tax Freeze and a developing Low-Income Real Estate Tax Freeze let eligible owners lock their tax bills against increases from assessment or rate changes. The low-income freeze can be paired with the Homestead Exemption, according to city guidance. The Revenue Department also offers an installment plan and a payment agreement for owner-occupants behind on taxes.
Department of Revenue Commissioner Kathleen McColgan said no one should lose a home because they cannot afford the property tax bill. Owners should confirm on their valuation notice whether the Homestead Exemption shows as enrolled, compare the new value with recent sales of similar homes, and keep copies of every notice, application and appeal for their records.
