In 1997, Pennsylvania voters approved a alter to the polity charter to device the Homestead Circumstance, extremely confessed as Point 50, in an application to supply common people with essential estate toll relief.
All residential dwellings are covered in Act 50 as long as the dwelling is the owner's primary residence. This includes single-family homes, condominiums, and town homes. Act 50 also covers mixed-use parcels if owners have their place of business and primary residence in the same building.
Considerations
Features
This programme decreases a homeowner's assessed Belongings cost by $15,000 and applies statewide, including in Allegheny County. The deadline for people to apply for this program is March 1 and once they are approved, the program exemption remains in effect until homeowners change their occupancy, sell the home or transfer the deed to the home.Types
People trying to apply the Homestead Act exemption on properties that are not their primary residences will be subject to interest, fines and penalties up to $2,500. Homestead Act exemptions are handled through the Office of Property Assessments.
