A PA township with 5,000 properties has a total assessed value of $500,000,000. The township budget requires $2,500,000 in property tax revenue for the coming year. What millage rate should the township set?
Correct Answer
D) 5 mills
Millage Rate = Revenue Needed / Total Assessed Value × 1,000 = $2,500,000 / $500,000,000 × 1,000 = 0.005 × 1,000 = 5 mills.
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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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