Delco tax assessment

[bogey1]

Has anybody heard about it lately? Nothing in the local news.
I have a feeling nothing good is going to come from this.
I'm looking on buying a home, but may want to hold off till the results.
The realtor I'm working with says this is the best time to buy,
I believe him (I do real estate work). Thoughts?

[DonBiase]

Has anybody heard about it lately? Nothing in the local news.
I have a feeling nothing good is going to come from this.
I'm looking on buying a home, but may want to hold off till the results.
The realtor I'm working with says this is the best time to buy,

That's salesman talk
I believe him (I do real estate work). Thoughts?

Their going to build a new high school, so that's going to elevate the taxes.
My escrow was short by a couple hundred.
Death and taxes.

[bogey1]

Their going to build a new high school, so that's going to elevate the taxes.
My escrow was short by a couple hundred.
Death and taxes.

You guys in springfield are screwed. 200.00 a year every year for the first ten years.
Thats a minimum 2k in ten years. Upper dump wants to build a school now

[Walleye Hunter]

I wouldn't worry about a reassessment unless the particular property you are talking about is currently under-assessed and if you get an assessment that you feel is out of line you can appeal it. Some places are easier to appeal than others. The question that I have is...after a re-assessment and all properties' values are increased do they reduce the millage? They should.

[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.

[Walleye Hunter]

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.

It sounds like one should dress their property down for the event.