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:
1. lived in the home you own since July 1, 2003.
2. 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.)
3. experienced a jump in the assessed value of your home of more than 300%.
Applications are due on 1/15/2014. 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: www.phila.gov/loop