The State Tax Equalization Board (STEB) has released its Common Level Ratio (CLR) of assessed value to market value for each county in Pennsylvania for calendar year 2020 (applicable to tax appeals filed in 2021 for tax year 2022). The CLR can be used to convert fair market values into assessed values in conjunction with property tax appeals, subject to a taxpayer’s right to claim a lower ratio to reflect the same level of assessed value to fair market value for similarly situated property. The 2020 CLRs can be viewed here.
The CLR can significantly impact property tax appeal proceedings. Taxpayers in Pennsylvania should annually evaluate their assessed values and implied fair market values after application of the CLR, and then take the necessary steps to protect their rights to uniformity in assessment, and equity and fairness in taxation.
David Schneider is a partner in Archer’s Real Estate Tax Appeal Group. His primary practice is Pennsylvania property tax appeals where he represents several of the state’s largest property owners. Please feel free to contact David at 484.213.4394 or firstname.lastname@example.org to discuss how you may be able to lower your assessment and real estate taxes. He can help you review your assessment and evaluate your case. There is no fee for a preliminary analysis of your property tax assessment.
DISCLAIMER: This client advisory is for general information purposes only. It does not constitute legal or tax advice, and may not be used and relied upon as a substitute for legal or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified attorney or tax practitioner licensed to practice in the jurisdiction where that advice is sought.