A PA county has a CLR of 40%. A property is assessed at $120,000. The property owner believes the fair market value is $280,000 and files an assessment appeal. Using the CLR, what should the correct assessed value be if the property's fair market value is $280,000?
Correct Answer
B) $112,000
Correct Assessed Value = Fair Market Value × CLR = $280,000 × 0.40 = $112,000. Since the current assessment of $120,000 exceeds the CLR-adjusted value of $112,000, the owner has grounds for a reduction.
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