Starting today, homeowners in the city can apply for what's called a "Homestead Exemption."
In theory, it allows you to reduce a certain amount of your home's taxable assessment. But, Philadelphia City Council has not yet approved the new assessment rate, and the state has not yet approved the exemption.
Philadelphia Mayor Michael Nutter says he's hopeful both bodies will act in the coming days and weeks.
Follow this link for the application paperwork the Philadelphia Homestead Exemption.
