A PA property has an assessed value of $300,000. The CLR is 60%. After a successful appeal, the property's assessed value is reduced to reflect a fair market value of $400,000. What is the new assessed value after the appeal?
Correct Answer
B) $240,000
New Assessed Value = Fair Market Value × CLR = $400,000 × 0.60 = $240,000. The original assessed value of $300,000 implied a market value of $500,000 ($300,000 ÷ 0.60), which the owner successfully proved was too high.
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More Pa Property Tax Assessment Appeals Questions
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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?
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A PA county completes a county-wide reassessment, and all assessed values increase by an average of 200%. Under PA law, what typically happens to the millage rates of the taxing bodies in the county?