Those who pay property tax in Pennsylvania have an annual opportunity to appeal the assessed value of property. Deadlines for these appeals vary by county, but most are either August 1st or September 1st, so now is the time to analyze your assessment to determine whether you may be able to have it lowered to reduce your tax burden.
In order to properly analyze your assessment, you must have an idea of what your property is actually worth. That is, what is the price that you would be able to sell it to a willing buyer? Once you have made that determination, you must then go to your assessed value and apply your county’s applicable common level ratio to determine the “implied market value.” If the “implied market value” from your assessment is higher than what you believe your property is worth, your assessment is likely too high which results in you paying more property tax than is warranted.
In this economy, many property owners are experiencing issues that result in a lowering of property values. For instance, landlords may be experiencing higher than normal vacancy rates, for prolonged periods of time, which will affect the value of property. Those who own factories may be facing factors relating to obsolescence. Property owners may own property in blighted areas that have seen dramatic decreases in property values since the last revaluation. Regardless of context, all property owners should examine assessment annually to make sure they are in line with fair market value.
MCNEES ATTORNEYS VARNER AND MORCOM AUTHOR 2016 EDITION OF ASSESSMENT LAW & PROCEDURE IN PENNSYLVANIA
McNees Wallce & Nurick attorneys Randy L. Varner and Paul Morcom are the proud authors of the 2016 edition of Assessment Law & Procedure in Pennsylvania, published by the Pennsylvania Bar Institute. The treatise is a comprehensive manual that incorporates years of practical experience by McNees attorneys in this specialized area of the law. Designed to provide the reader with a guide through each step of the assessment and appeal process, Assessment Law & Procedure in Pennsylvania also provides detailed discussions of the relevant case law and statutory provisions that provide the framework for Pennsylvania assessment law. Originally circulated informally, the first edition was published in 1994 by the Pennsylvania Bar Institute and quickly became the “assessment bible” for counsel, assessment appeal board members, assessors and appraisers.
WE CAN HELP
The property tax assessment and appeal process can be confusing and intimidating and directly affects the bottom line of your business. We can help you analyze the assessment on your property and, if necessary, handle an appeal. Feel free to contact us for any questions related to the assessment and appeal process.