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When our nation's economy began to "tank", real estate values followed suit.  Many people began to see their "nest eggs" decrease drastically too, yet what didn't follow that same rapid descent were real estate taxes.  While the various counties recognized that property values decreased through their Common Level Ratio (which changes yearly and is supplied by the State), this recognition does not change one's tax bill.  Why?  That is the million dollar question.  Pennsylvania law dictates the way property taxes are collected.  But does that mean, you can't receive a reduction?  No, not at all.  Pennsylvania law does allow for every property owner to apply for a property tax appeal.  This only applies if the County's estimated value for your property exceeds the market value of your property.  I highly reccommend that you do not argue over the difference between your asessed value and your neighbor's assessed value.  Assessed value meaning what the county has estimate your value to be.  Market value is what you could receive for your home if you tried to sell it.  While the 2010 tax appeal season has recently ended for most counties in the Delaware Valley, it is still a good idea to plan for the 2011 tax year.  A real estate appraisal is truly your best defense when defending your tax appeal.  Please contact us for further information.  215-230-9493 or maureen@maureenfoxappraisers.com 

Posted by Maureen Fox on September 22nd, 2009 4:31 PMPost a Comment (0)

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