A PA county currently has a CLR of 35% and has not reassessed in 25 years. The county commissioners decide to conduct a county-wide reassessment to bring assessments to 100% of current market value. After reassessment, what will the new CLR be, and what must taxing bodies do?
Correct Answer
A) The CLR will move toward 100% and taxing bodies should reduce millage rates to maintain revenue neutrality
After a reassessment to 100% of market value, the CLR will move toward 100% (since assessed values now closely match market values). Taxing bodies should reduce their millage rates proportionally to maintain revenue neutrality, since the higher assessed values would otherwise generate windfall revenue.
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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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A PA homeowner discovers that their property is assessed at $250,000 while an identical neighboring property is assessed at $200,000. Under the Pennsylvania Constitution's uniformity clause, what right does the homeowner have?
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A PA property owner successfully appeals their assessment, reducing the assessed value from $300,000 to $250,000. The total millage rate is 32 mills. How much will the property owner save annually?
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A PA homeowner believes their property assessment is too high. Under the Consolidated County Assessment Law, what is the first step the homeowner should take to challenge the assessment?