What is the common level ratio factor for Delaware County PA?
The Pennsylvania Department of Revenue adjusted the Common Level Ratio (“CLR”) for Delaware County to reflect Delaware County’s countywide reassessment base change effective January 1, 2021. Accordingly, for documents accepted between 7/1/2020 to 12/31/2020 the applicable Delaware County CLR is 2.00.
What is the common level ratio in Pennsylvania?
Further defined in Pennsylvania law, “Common Level Ratio shall mean the ratio of assessed value to current market value used generally in the county as last determined by the State Tax Equalization Board (STEB).”
What is CLR in real estate?
Common Level Ratio (CLR) Real Estate Valuation Factors For use on Forms REV-183 & REV-1728. The following real estate valuation factors are based on sales data compiled by the State Tax Equalization Board. These factors are the mathematical reciprocals of the actual common level ratios.
What is the common level ratio for Centre County PA?
4.29
Current Centre County Pennsylvania Department of Revenue Common Level Ratio equals 4.29 as of July 1, 2021.
How do you use common level ratios?
The common level ratio is the ratio of assessed value to market value used to value properties in a particular county for property tax purposes, and is used for purposes of appealing property tax assessments effective for tax year 2021.
What is the common level ratio in Allegheny County PA?
On July 17, 2021, STEB published new data that showed the Common Level Ratio for Allegheny County properties decreased from 87.7% to 81.3%.
What is county assessed value?
The assessed value is a property’s determined valuation to calculate the appropriate tax rates. An assessment considers sales of similar homes, as well as home inspection findings, in its final determinations. When it comes to selling a home, the assessed value is the most widely accepted dollar value of your home.
What is Allegheny County Common Level Ratio?
What is the common level ratio for Montgomery County PA?
As of July 1, 2021, the Common Level Ratio Factor for Montgomery County is 2.24.
What is real estate transfer tax in Philadelphia?
3.278%
Realty Transfer Tax The Commonwealth of Pennsylvania collects 1% while the City of Philadelphia collects 3.278% for a total of 4.278%. Luckily, it is customary (but not legally required) for the buyer and seller to split the transfer taxes evenly. In most cases, the buyer will pay 2.139% and the seller will pay 2.139%.
How are common level ratios calculated in Pennsylvania?
The common level ratios are calculated by the State Tax Equalization Board based on sales data, and both the common level ratios and factors based on the common level ratios are published each year in the Pennsylvania Bulletin. (The common level ratio factors are the mathematical reciprocals of the common level ratios.)
How does CLR work in Delaware County PA?
The CLR is created by the Pa. State Tax Equalization Board (STEB) on an annual basis for each county. The CLR is an average of assessments to sale prices (based upon valid sales activity in Delaware County for the prior calendar year). The CLR is applied only when the ratio varies by more than 15% from the 100% predetermined ratio.
How is property tax used in Delaware County?
The property tax is used as a revenue source by county government, 17 school districts and most of the 49 municipalities in Delaware County. It is the responsibility of the County Assessment Office to place a value on each parcel of land and any improvements (structures) thereon.
How to appeal an interim assessment in Delaware County?
The bottom portion of the Notice contains an APPEAL REQUEST FORM. In order to perfect an appeal of an Interim Assessment, the property owner must immediately return the bottom portion of the Interim Notice to the Assessment Office to request receipt of an Appeal Application.