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Title:
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Submitting report relative to Philadelphia’s Longtime Owner Occupants Program. (The Legislative Policy Division (LPD) provides the following report in response to Council Member Mary Sheffield’s May 10, 2016 memorandum regarding the feasibility of implementing a Longtime Owner Occupants Program (LOOP) within the City of Detroit, similarly modeled after the LOOP program implemented in Philadelphia, Pennsylvania in 2015. The LOOP is a program structured to provide tax relief for those homeowners who have lived in their homes for 10 years or more and who have experienced a significant increase in their property assessment, i.e. a tripling of the property tax assessment from one year to the next.) (REFERRED TO THE BUDGET, FINANCE AND AUDIT STANDING COMMITTEE ON 6-15-16)
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