City Council passes bill that gives longtime Philadelphia homeowners a forever tax break

City Council passed a bill Thursday that will help longtime homeowners weather real-estate tax hikes in gentrifying neighborhoods, even if they aren’t low-income residents.The bill, introduced by Councilman Kenyatta Johnson, amends part of the Longtime Owner Occupants Program (LOOP) by eliminating the 10-year limit that currently affects participants who make between 80 and 150 percent of the Area Median Income (AMI).  The city enacted LOOP in 2014 to protect longtime homeowners from abrupt rises…

from Real Estate Top Stories on DNAinfo - Friday, April 6, 2018 | 8:23am & Residential Real Estate News - Residential Real Estate News Headlines | Bizjournals.com https://ift.tt/2EsR7HG
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