A PA property owner pays $7,200 in annual property taxes. The total millage rate is 36 mills. What is the property's assessed value?
Correct Answer
B) $200,000
Assessed Value = Tax / (Millage / 1,000) = $7,200 / (36 / 1,000) = $7,200 / 0.036 = $200,000.
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More Pa Property Tax Assessment Appeals Questions
A homeowner in Pennsylvania has a property with 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 25 mills. What is the homeowner's total annual property tax?
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Under Pennsylvania property tax law, all of the following are TRUE about the relationship between millage rates and assessed values EXCEPT:
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In a PA county, a property owner receives three separate property tax bills each year. Which three entities are sending these bills?