Homestead Tax Relief – Delaware County, PA
Homeowners may not realize that they can avail themselves of annual tax savings, through the Homestead/Farmstead Exclusion Program.
On April 13, 2009, the Governor implemented the Homestead and Farmstead Exclusions (Act 1), which allows school districts the ability to reduce their taxes based on revenue received from the state. This revenue is generated from gambling proceeds. The homestead exclusion reduces the assessed values of homestead-approved properties, reducing the school property tax on these homes.
In order to be eligible for this program, the homeowner must reside in a dwelling primarily used as their permanent home. In general, it is the address where you live, where you have registered to vote and have registered your driver’s license.
What many homeowners don’t know is that when you buy a property in Delaware County, PA, even if the current seller was getting that tax savings, it is not automatically transferred to the buyer. The buyer has to fill out a form and send it in, to get those tax savings.
For more information and instructions Buyers can to go to Delcopa.gov https://delcopa.gov/treasurer/homestead.html
The deadline to have all the paperwork submitted is March 1st . You may submit an application after the March 1st deadline but it will not be processed until the next enrollment period.
For a personal consultation for your Real Estate needs, call 484 947 3127.
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Bela Vora, R3ALTOR
Coldwell Banker Realty