Originally Posted by
jbrower
Delco is going to undergo a county-wide reassessment next year. It will be effective for the 2021 tax year. The last time Delco underwent one was in 2000.
Counties, school districts and municipalities (except for Philadelphia) aren't allowed to use reassessments as a way to increase tax revenue. While assessed values are likely to go up (most properties have gone up in value since 2000), the millage (tax) rates will have to go down in order to equalize things out.
For instance, if all properties within a school district have a total assessed value of $1 Billion and the district's tax rate is currently 4 mills ($4 per Thousand dollars of assessed value) that would mean that the district raises $4,000,000 a year in real estate taxes. Suppose that when reassessment is done, total assessed property values in the district are increased to $2 Billion. By law, the tax/millage rate will have to be cut from 4 mills to 2 mills to keep the tax revenues at $4 Million.
That doesn't mean, however, that a property that is currently under assessed won't see an increase in taxes. It likely will. OTOH a property that is currently over assessed will see taxes go down.