A PA property has an assessed value of $200,000. The county's Common Level Ratio (CLR) is 50%. The total millage rate is 40 mills. A buyer purchases the property for $500,000. Using the CLR to estimate fair market value from the current assessment, what is the estimated fair market value?
Correct Answer
B) $400,000
Fair Market Value = Assessed Value ÷ CLR = $200,000 ÷ 0.50 = $400,000. The CLR indicates that assessments in this county are at 50% of market value.
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A property in a PA county has an assessed value of $150,000. The county millage rate is 5 mills, the municipal millage rate is 3 mills, and the school district millage rate is 22 mills. What is the total annual property tax?
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A homeowner in a PA school district qualifies for the Homestead Exclusion of $15,000. The property's assessed value is $180,000. The school district millage rate is 25 mills. What is the homeowner's school district tax after the exclusion?