Longtime Owner Occupants Program (LOOP) (tax relief)
Posted by on January 06, 2014
The City is rolling out its Longtime Owner Occupants Program (LOOP) this month. It could mean significant property tax savings for Cedar Park homeowners. This is a brand new program. It’s different than the homestead exemption. (Some have called it “Gentrification Relief.”)
To qualify you (generally) need to have:
- lived in the home you own since July 1, 2003.
- a household income of less than 150% of the median area income (for example, one-person households must have income of less than $83,200/year.)
- experienced a jump in the assessed value of your home of more than 300%.
Applications are due on January 15, 2014.
If eligible, you will receive a significant discount on your property taxes for the next 10 years. You can find more information, including the application by visiting this City website: http://www.phila.gov/loop
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