Inside – Jeff simplifies the Homestead Exemption via four fast facts, plus – where to watch the fireworks!
Volume 18: Issue 30 6/28/19
Let’s Keep This Simple – Here are Four Fast Facts:
The Homestead Exemption saves all Philly homeowners exactly $629.91 per year. Let’s keep this simple with some important information.
1. Most important—know if you have the Homestead Exemption. If you do, you are good as long as you own the home as your primary residence. And you will save the $630/year. If you do not already have it, apply ASAP here. Contact me if you are not sure or if you have questions about applying or any special circumstances.
2. The Homestead Exemption is simple. If you are a residential owner-occupant, it reduces your city market value assessment by $45,000 for 2020 (up from $40,000 in 2019). Since the tax rate is 1.3998%, that exemption is worth a tax reduction of $629.91.
If you have a home office, run some business, or rent part of your residence, you may still be eligible for a partial exemption, likely in line with the percentage business use on your federal tax form (Please note that I cannot give tax or legal advice. I am an attorney, but I provide all of this information as a service and it is informational only. Speak to your accountant or attorney for any tax or legal advice).
4. Philly homeowners are only eligible for one tax exemption at a time, so if you have a tax abatement or you participate in LOOP, you will not also be eligible for the Homestead at the same time.
The Homestead Exemption is a gimme. Basically a free $630 and it’s easy to apply. Make sure you have it.
As many of you know, I love talking Philly real estate taxes, values, neighborhoods, trends, and real estate in general — as well as restaurants, Philly sports, and cool happenings. Please feel free to reach out at any time.
See you soon. ‘Around the Block’ will return Friday, 7/12/19.
Happening Saturday, 6/29 11:00 a.m. – 7:00 p.m. 43rd Street & Chester Ave this bi-annual fun festival rocks West Philly. Each year, summer commences with a day-long mash-up of talented, local artists, and eclectic musicians. Expect varied food trucks and a celebration for the entire family to enjoy. Face painting for kids will be near the info table. Click here for the live music line up and timely updates.
Old City Eats – It’s Back!
It’s Old City’s answer to Center City SIPS. This money-saving happy hour occurs every Thursday through August 29th from 5:00 pm to 8:00 pm, with over 40 participating restaurants offering food and drink specials that are half-price. For a complete list of participating spots like Revolution House, Amada and Pinch (in the new Bourse Food Hall), click here.
It’s Wawa Welcome America! Time
This citywide historic celebration kicks off on June 29th and runs through July 4th. It’s not really for tourists – locals love it too! It certainly attracts folks from all over, but many of the events are great for city residents, like Free Museum Day at One Liberty Observation Deck, Circus Midway at FringeArts and the Philly Ice Cream Scoop at Reading Terminal. For details on the ‘works and more about events in your neighborhood, click here.
More Fun This Summer
Family-friendly outdoor fun and games kick off on July 19th on the Parkway. The lineup of signature and repeat events this year is impressive. Read about Wellness Wednesdays, Arts & Culture Thursdays and Food and Flicks Fridays here. Hit the beer garden after your free kickboxing class. I like the Farm Explorer Program, which is really cool agriculture on wheels that lets youth and families connect with food from seed to plate. Learn how to make nutritious meals through fun demos.
Nacho Mama’s Taco Festival
I honestly didn’t know that there were over 75 styles of tacos but you can hit the mother-load of Mexican munchies on Saturday, 6/29 at XfinityLive! from noon until 8:00 p.m. Kids under 10 eat their way through over 30 tables – a showcase of the area’s BEST restaurants. Adult pricing varies ($15 – $60). Don’t miss the Axe throwing area, which should be interesting due to the Tequila Expo and Margarita Bar. There’s a Kid’s Fun Zone too. Click here for tickets.
Spotlight Property of the Week
2401 Pennsylvania Avenue #20B34 BRAND NEW LISTING IN THE PHILADELPHIAN
FIRST OPEN HOUSE: SATURDAY, 6/29/19. 11:30 a.m. – 1:00 p.m.
2 Bed | 2 Bath | 1,876 SQFT
Dramatic and spacious 2-bedroom, 2 bath residence at the Philadelphian. With the best direct Art Museum views from every room and the generous, fully private balcony. South facing for amazing light! This residence, on the Philadelphian’s second highest floor, offers the absolute perfect views and ideal layout. Sought after. The direct view includes the Art Museum, Eakins Oval, Schuylkill River, Boat House Row, Fairmount Park, and the Cira Centers and burgeoning University City skyline in the background–from every room.
The Philadelphian is a most desirable and well-managed building with 24-hour doorman and desk-person, fitness room, indoor and outdoor pools (for a moderate fee), convenient building bus to various stops in Center City, grocery store, restaurant, dry cleaner, pharmacy, medical offices, bank, etc. All utilities included!! Amazing location with so much to walk to and accessible to everything. Onsite parking available at a moderate monthly fee (short waiting list).
Just a quick reminder that I’m always humbled by and appreciative of your referrals. If you have a friend or family member that is in need of expert real estate representation, please send them my way. Be assured, I will do my best to exceed their expectations! Thanks for taking the time to read this issue of Around the Block. See you again 7/12/19.
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Some imagery in this e-newsletter was sourced via Visit Philadelphia ®. Pixabay. and pexels.com
Compass Pennsylvania, LLC is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.