However 20 also saw climbing inflation numbers with the price of goods soaring. The first half of 2022 experienced continued strong real estate value growth emerging from the pandemic, and most markets remained a 'seller's market'. The year 2023 began quite differently than the beginning of 2022. Following are the current common level ratio factors for several South Central Pennsylvania counties: When a county has a re-assessment, the common level ratio factor is 1.00 and is considered the new base year. Note, counties do not typically re-assess each year. Or, if a property is assessed for $450,000 and the common level ratio factor is 0.90, the implied market value is $405,000 ($450,000 x 0.90). If a property is assessed for $450,000 and the county has a common level ratio factor of 1.02, the 'implied' market value is $459,000 ($450,000 x 1.02). 98 would be equivalent to a common level ratio factor of 1.02 (1 ÷ 0.98). A common level ratio (CLR) is: 'the ratio of assessed value to current market value used generally in the county as last determined by the State Tax Equalization Board (STEB)." The common level ratio factor is the reciprocal of the common level ratio. To reflect market value using the 'fixed' assessment value, a common level ratio is established annually for each county. However as property values increase or decrease over years, the assessment value remains unchanged for a property. In late winter/spring the County and Municipal taxes are sent to taxpayers and in mid-summer the school taxes are sent to taxpayers.Ī 'base year' establishes an assessed value equal to market value for properties within each county. In most counties taxes are due twice a year. The assessed value is multiplied by the millage rate to calculate the tax expense for a property. County millage rates are the same for all municipalities in the county, while the municipal and school taxes vary by municipality and school district. Millage rates are the amount per $1,000 that is used to calculate taxes on property. The assessed value and the appropriate millage rate is used to calculate real estate taxes. Therefore properties are assigned an assessment value. Pennsylvania assessment laws require that real estate be valued according to its "actual value" and at a bona fide rate and price for which the property would separately sell, which is interpreted as market value. Several municipalities have other real property taxes including library, fire services, and several other community amenities that may be in addition to or built into the taxes above. Generally there are three main taxes levied on real property in Pennsylvania: Real property taxes are a significant source of income for local authorities. Real Estate Taxes and Considerations for Tax Appeal Quick follow-up to questions and reviews.Explore new tools and technology to provide the best product possible.Track national trends and subscribe to real estate publications to enhance our knowledge of the ever-changing market.Commitment to continued learning through education, peer-to-peer interaction, and discussion with investors, developers and market participants.Utilize a database system to capture market activity.Interact with market participants, brokers and investors to gauge strategies and conditions of sales.Pro-actively review and extract sales data from County sources (STEB) reports.We subscribe to most local multi-list services and Co-Star to track and analyze sales activity.On-going extensive research of market sales and lease activity.Encourage open dialogue and discussion to ensure the scope of work and appraisal assignment meets the Client's expectations and needs.
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Deliver USPAP(Uniform Standards of Professional Appraisal Practice) compliant reports.Here are some of our practices that help us achieve this goal
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