A friend advised us to apply for a “homestead tax exemption” for our new home. What is it?

“Homestead” laws were passed following the Great Depression to protect the family home from creditors. But the exemption is not that old, and the terms depend on where you live.
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Under the PA Taxpayer Relief Act (Act 1), school district property tax relief is available to resident homeowners each year that the Commonwealth accumulates sufficient revenue from slot machine gaming. To qualify, you must file a homestead exclusion application with the county assessment office. You can call the Chester County Assessment Office at (610) 344-4570.
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If your permanent residence is in Chester County (T/E or Great Valley School District), you should be able to get the exemption. Most Delaware County residents also qualify. Check your status at https://www.delcopa.gov by selecting the “Public Access/Online Services” button and typing in the property address.