A property in York County, Pennsylvania, was assessed at $180,000 during the last county-wide reassessment. The county's current CLR is 0.60. The property recently sold for $350,000. For assessment appeal purposes, what is the 'indicated assessed value' of this property based on the sale price and CLR?
Correct Answer
D) $210,000
The indicated assessed value based on the sale price and CLR is: Sale Price × CLR = $350,000 × 0.60 = $210,000. Since the current assessment is $180,000, the property may be under-assessed relative to the sale price when applying the CLR.
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More Pa Property Tax Assessment Appeals Questions
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Previous Question
A county in Pennsylvania has not conducted a county-wide reassessment in 30 years. Property values have changed dramatically, with some properties assessed at 10% of market value and others at 80%. A group of taxpayers sues, alleging the assessments violate the Pennsylvania Constitution's uniformity clause. The court would MOST likely:
Next Question
Under Pennsylvania law, when a county conducts a reassessment and property values increase, the county is required to: