A PA school district needs to raise $15,000,000 in property tax revenue. The total assessed value of all properties in the district is $750,000,000. What millage rate must the school district set to achieve this revenue target?
Correct Answer
A) 20 mills
Millage Rate = Revenue Needed / Total Assessed Value × 1,000 = $15,000,000 / $750,000,000 × 1,000 = 0.02 × 1,000 = 20 mills.
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More Pa Property Tax Assessment Appeals Questions
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Previous Question
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?
Next Question
A PA municipality wants to increase its millage rate above the rate set in the prior year. Under Act 511 (the Local Tax Enabling Act), what constraint applies to municipal millage rate increases?