In light of recent news coming out of Allegheny County regarding possible tax increases, as well as the appeal deadline for some Pennsylvania Counties coming next week on September 1st and the Philadelphia deadline fast approaching on October 3rd, we at Paradigm Tax Group wanted to take this opportunity to summarize some important new information pertaining to real estate assessments in Pennsylvania.
Philadelphia 2012 Real Estate Market Value Appeal
The City of Philadelphia Board of Revision of Taxes is currently mailing 2012 real estate assessment notices ahead of the October 3, 2011 appeal deadline. These notices calculate market values at the previously set common level ratio of 32%. The current notices make no mention of the 18.1% ratio set in July 2011 by the State Tax Equalization Board (more on that here). This significant drop in ratio, as well as the 14% tax rate increase over the past two years, could have major implications regarding assessment values and appeals in the city. In light of these changes, Paradigm Tax Group recommends property owners in Philadelphia consider a professional review of their assessments in order to determine the viability of filing an appeal by the October 3 deadline.
Allegheny County (Pittsburgh) Property Owners Could See Possible Tax Increase
Commercial property owners in Allegheny County could see an increase in taxes if the County cannot meet its January 1st deadline for producing an official tax roll after a court ordered, county-wide reassessment. Officials have said they can’t submit certified values of properties until April 2012, delaying the printing of tax bills. The plan to make up for lost revenue then is to take out a Tax Revenue Anticipation Note on property owners (read more).
As a result of the possible increase in taxes, the judge monitoring the county’s reassessment effort has asked officials to determine how long it would take to produce new property values if they concentrated all of their efforts on the city of Pittsburgh and Mt. Oliver portions of the county. This would be in an effort to meet the January 1st deadline just for those areas for issuing certified assessments in which municipalities use for setting property tax rates and balancing their budgets (read more).
Washington County Needs More Time to Enact Statewide Property Tax Reform
State legislators and county commissioners have told property owners in Washington County that they need more time, and their assistance, to enact statewide property tax reform before the county is forced to conduct a property assessment (read more).