A PA real estate agent is helping a buyer compare properties in two different counties. County X has a CLR of 80% and County Y has a CLR of 30%. Both properties have a fair market value of $300,000. What does this mean for the properties' assessed values?
Correct Answer
B) County X's property will be assessed at $240,000 and County Y's at $90,000
County X: $300,000 × 0.80 = $240,000 assessed value. County Y: $300,000 × 0.30 = $90,000 assessed value. The CLR reflects how assessed values relate to market values in each county.
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Under Pennsylvania property tax law, all of the following are legitimate methods to reduce a property owner's tax burden EXCEPT:
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A PA property owner receives a LERTA (Local Economic Revitalization Tax Assistance) exemption on a new commercial building. The exemption provides 100% tax abatement on the improvement in year 1, declining by 10% each year. The improvement adds $500,000 to the assessed value, and the total millage rate is 40 mills. What is the tax on the improvement in year 3 of the LERTA period?