By Mike Dunn

PHILADELPHIA (CBS) – Philadelphia residents who want to take advantage of the 2014 homestead exemption have until next summer to apply, but they may want to get that application in by the end of the day today.

Philadelphia’s homestead exemption, currently at $30,000, will not be in effect until the tax bills that are due in 2014. But only those who apply by today will see the exemption reflected on the new assessments that will be mailed out in February of next year.

Mayor Nutter says now’s the time.

“This is something we want to encourage everyone who is a residential property owner to fill out. It literally has four boxes and sign your name.”

You can get the form to print out at opa.phila.gov, or you can even complete the form online. This is part of Nutter’s overhaul of the property assessments system coming in 2014. The homestead plan is part of Nutter’s and City Council’s effort to mitigate the tax hit that some property owners may face at that time.

An estimated 320,000 households are eligible to apply.

Anyone with questions can call the Office of Property Assessment at 215-686-9200. The exemption for those who qualify reduces the new assessment by $30-thousand dollars, though that amount could be lowered by City Council and the mayor.

Residents who do not apply by today will still be eligible to apply through next July 1, but they will not see the exemption on next February’s assessment notice. The exemption does not affect property tax bills that are due next year.