A PA property owner hires a licensed appraiser to support their assessment appeal. The appraiser determines the fair market value is $320,000. The county's CLR is 55%. The current assessed value is $200,000. Based on the CLR analysis, should the owner proceed with the appeal?
Correct Answer
B) Yes, because the assessed value is higher than the CLR-adjusted value of $176,000
CLR-adjusted assessed value = Fair Market Value × CLR = $320,000 × 0.55 = $176,000. Since the current assessed value of $200,000 exceeds the CLR-adjusted value of $176,000, the property is over-assessed and the owner has grounds for a reduction.
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More Pa Property Tax Assessment Appeals Questions
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Under PA law, assessment appeal deadlines are typically set by each county. What happens if a property owner misses the appeal filing deadline?
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A PA municipality files an assessment appeal seeking to increase the assessed value of a large shopping center from $5 million to $8 million. The shopping center owner receives notice of the appeal. What rights does the property owner have in this situation?