A PA property owner challenges their assessment using the CLR method. The property's assessed value is $160,000. The county's CLR is 40%. The owner provides an appraisal showing a fair market value of $350,000. Based on this evidence, what is the appropriate assessed value?
Correct Answer
B) $140,000
Appropriate assessed value = Fair Market Value × CLR = $350,000 × 0.40 = $140,000. Since the current assessment of $160,000 exceeds $140,000, the owner has grounds for a reduction to $140,000.
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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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