Tax Repayment Program Offered to Philly Homeowners
Considering Philadelphia condominiums? Think twice about taxes
Yearly property taxes can be a real economic hardship for new homeowners who may already be struggling with monthly mortgage and maintenance costs. This annual expense is of prime concern for any prospective homebuyer, especially those in the market for Philadelphia condominiums. Philly home owners are entering unchartered territory, with a new tax system known as the Actual Value Initiative, aimed at correcting an old system where homes were taxed on a fraction of their assessed value.
Nonetheless, property owners who have fallen behind on their payments may see a glimmer of hope with a new repayment program designed by the city’s Department of Revenue. According to a report in CBS Philadelphia, the program will assist owner-occupied homeowners with past due and delinquent real estate taxes.
Assistance available for Philly real estate taxes
The ‘Owner Occupied Real Estate Payment Agreement’ is one of a handful of programs available to Philadelphia homeowners who face relatively steep property taxes compared to their Delaware neighbors. Utilizing a tier system, the program will enable homeowners to whittle away their tax debt through monthly payments that are based on a family’s size and net income.
As an example of how the real estate agreement program works, a family of four that earned $3,301 – $4621 a month would pay 10 percent of this income. Any penalties and interest accrued over time would be waived entirely. Homeowners that earned $1980 or less each month must pay at least $25 a month, or 5 percent of their take home salary.
Individuals who have a monthly income of $4621 or more are entitled to a pay their back taxes over time, but unlike those who earn less money, they must pay the full amount of past due property taxes, plus interest and penalties. The city’s Revenue Department will decide on the exact amount of monthly payments. In order to be eligible for the Philadelphia real estate tax repayment plan, applicants must remain current or under an agreement for the present year and future real estate taxes.
Enjoy the many advantages of life in Delaware!
If you’ve been scanning homes for sale in Philadelphialately, you probably know that current market prices offer very little bang for your buck. Residents at Darley Green, however, enjoy the many perks of Delaware living, including ZERO sales tax, low real estate taxes, and convenient access to numerous historic and cultural treasures.
What’s more, this master-planned community is simply overflowing with all the features one could possibly want in a family-friendly neighborhood. Think 2,500 square feet of finished living space, luxury appliances, energy efficient heating, and custom add-ons available so you can transform our condos and townhouses into a place you can truly call home. Residents can kick back and enjoy meticulously maintained grounds, where snow shoveling and leaf raking are just a distant memory. And a modern community library, shops and businesses are just a few minutes’ walk from your doorstep.
To browse our affordable Montchanin Builders’ model homes, stop by anytime from 11AM to 6PM. And if you’d like more information about our special programs for first-time buyers, please contact Amy Maluski, Community Sales Manager, at 302.655.2600.