cheltenham township property tax valuation

What are homestead and farmstead exclusions? What is the homestead exclusion? Because the homestead and farmstead exclusions are not necessarily tied directly to the school tax changes in Act 50 of 1998, this leaflet does not attempt to address local tax reform issues, except where they may relate to the exclusions. This bulletin was developed to help you understand the homestead and farmstead exclusions, what they do, how they can be implemented in your community, and how you would apply to receive the exclusions for your own property. School districts making this change are required to use the homestead and farmstead exclusions to make these real property tax reductions. The law also provides a mechanism for school districts to change their local tax structure by relying more upon an earned income tax, and in exchange reducing the real property tax and eliminating several nuisance taxes (the per capita, occupation, and occupational privilege taxes). Under Act 50 of 1998, a taxing jurisdiction (school district, county, or municipality) can implement homestead and farmstead exclusions without any change to the existing local tax structure, as long as the jurisdiction can pay for them without increasing real property taxes.

Homestead exclusions and a similar exclusion for farm properties, called the farmstead exclusion, now can be made by school districts, counties, townships, boroughs, and cities. Passage of the Homestead Property Exclusion Program Act in May, 1998 (Act 50 of 1998), provided implementing language and rules for how the homestead exclusion can be used in your school district, county, and municipality (township, borough, or city). The November vote changed the constitution to permit the General Assembly to pass legislation implementing the homestead exclusion. It allows certain properties, such as homes, to receive preferential treatment under the real property tax, reducing the owner's taxes. A home-stead exclusion provides real property (also known as “real estate' or “property') tax relief to homeowners. In November of 1997, Pennsylvania voters approved a change in the Commonwealth constitution to allow a method of real property tax relief, called a homestead exclusion, to be implemented in Pennsylvania.

Cheltenham township property tax valuation