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What Is a Homestead?

 
On Nov. 7, PA voters will see a referendum question on whether to allow increased property tax relief for homesteads. First things first — What, exactly, is a homestead?
 
The short version: A homestead is a home that is the primary residence of its owner. That excludes vacation homes, second homes, rental homes and corporate-owned properties, among others. 
 
The word "homestead" might bring to mind a house on the prairie, but a townhouse in the Delaware Valley can fit the bill, too.
 
The long version, from the state website:
 
In Pennsylvania law, a homestead is defined as dwelling, including the parcel of land on which the dwelling is located and the other improvements located on the parcel for which any of the following apply:
 
1.  The dwelling is primarily used as the domicile of an owner who is a natural person. The homestead for real property qualifying under this paragraph shall not include the land on which the dwelling is located if the land is owned by a person other than the person who owns the dwelling.
 
2.  The dwelling is a unit in a condominium as the term is defined in Section 3103 of Title 68 of the Pennsylvania Consolidated Statutes and the unit is primarily used as the domicile of a natural person who is an owner of the unit; or the dwelling is a unit in a cooperative as the term is defined in Section 4103 of Title 68 of the Pennsylvania Consolidated Statutes and the unit is primarily used as the domicile of a natural person who is an owner of the unit. The homestead for a unit in a condominium or a cooperative shall be limited to the assessed value of the unit, which shall be determined in a manner consistent with the assessment of real property taxes on those units under Title 68 of the Pennsylvania Consolidated Statutes or as otherwise provided by law. If the unit is not separately assessed for real property taxes, the homestead shall be a pro rata share of the real property.
 
3.  The dwelling does not qualify under the criteria listed above and a portion of the dwelling is used as the domicile of an owner who is a natural person. The homestead for real property qualifying under this paragraph shall be the portion of the real property that is equal to the portion of the dwelling that is used as the domicile of an owner.
 
That legal definition begs the question: What is a natural person? A natural person is simply a human being — as opposed to a legal person, such a corporate entity.
 
The Suburban Realtors® Alliance and the Pennsylvania Association of Realtors® urge you to vote "Yes" on the referendum.
 
For more information about the referendum, see this earlier blog post: 

      Property tax referendum will be on November ballot

Flickr image by Lane Pearman (CC BY 2.0)

 

Posted by: Pete Kennedy on Tuesday, October 24, 2017 at 10:00:00 am
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