Philadelphia Common Level Ratio Drop Results in Opportunities for Significant Property Tax Savings; Lancaster County Postpones 2012 Countywide Reassessment

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Philadelphia CLR Drop

The State Tax Equalization Board recently dropped the Philadelphia Common Level Ratio (“CLR”) from .32 to .181. This significant drop means that many properties in Philadelphia are over-assessed and results in an opportunity for Philadelphia property owners and others responsible for paying Philadelphia property taxes to significantly reduce their bottom line property tax bill by filing an appeal. The Philadelphia appeal deadline is October 1, 2011.?

This drop in CLR has enormous significance for Philadelphia property owners and others responsible for paying Philadelphia property taxes.

By way of illustration, consider a property that is assessed at $1,000,000. Last year, using the .32 CLR, the imputed fair market value of this property was $3,125,000 ($1,000,000/.32). Now, with this year’s .181 CLR applied, the imputed fair market value has jumped to $5,524,862 ($1,000,000/.181). That represents almost a 77% increase in imputed fair market value!

Please see full article below for more information.

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Published In: Administrative Agency Updates, Commercial Real Estate Updates, Residential Real Estate Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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