Friday, February 25, 2011

Casinos in PA reducing your Real Estate taxes bill?

Something not many people know - The Taxpayer Relief Act of 2006 .... guarantees homeowners tax relief.

The Act has a homestead exclusion which lowers property taxes by reducing the assessed value of the home.  A homestead must be a Pennsylvanian’s permanent primary residence on which property taxes are paid. To receive this exclusion, a Pennsylvania resident must submit an application to the county assessor by March 1.  The extent of property tax relief in a particular school district will depend on whether the taxpayers in the school district approve a local income tax increase and whether the school district accepts its state allocation of revenue from expanded gaming.

Ofcourse - as with all matters related to taxes - consult your tax accountant for the best advice. Visit PA Department of Education's website  for details.

More articles related to Real Estate Taxes 

If you can explain any of this better - please leave your comments to help other readers of this blog - and me.  You can leave comments anonymously if you wish.

1 comment:

  1. If you own property in Chester County, the county's tax office will notify you by mail if you have NOT elected to receive this credit. Once you receive this letter, you fill out the details, sign it and mail it back to them. If they find that everything is in order, they will notify you that you have been approved to receive this tax credit. Of course, the tax revenues from gambling have to be sufficient for you to actually receive any credit. This is a simple process that maybe takes 10 minutes of your time, so be sure to take advantage of it.