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Realtors® unveil updated research on Fannie, Freddie utility proposal
Bucks County
Falls halts residential U&O inspections
Chester County
Brandywine Conservancy acquires 577 acres along Octoraro Creek
Delaware County
Judges to PUC: Reject DELCORA sale to Aqua
Montgomery County
County maintains AAA bond rating
Philadelphia County
Philadelphia aims to be carbon-neutral by 2050
Ideally, homes are assessed at 100% of their market values. That’s what happens immediately after a countywide reassessment.
But assessment values become inaccurate over time as the real estate market changes. To keep new assessments in line with old ones, the PA Department of Revenue sets a Common Level Ratio factors for each county every July.
For example, Montgomery County has 2019-2020 ratio factor of 2.03, meaning assessments should equal 49.3% of market value. So, a home with a market value of $100,000 would be assessed at about $49,300, and that assessed value would be used to calculate local property tax bills.
Here’s the math behind that percentage:
|
Assessment Market Value |
|
1 2.03 |
|
|
Here are the Common Level Ratios and assessment value percentages for Greater Philadelphia counties:
| 9.4% Bucks County Common Level Ratio factor = 10.64 Last assessment in 1972 |
49.3% Chester County Common Level Ratio factor = 2.03 Last assessment in 1998 |
| 56.5% Delaware County* Common Level Ratio factor = 1.77 Last assessment in 2000 |
49.3% Montgomery County Common Level Ratio factor = 2.03 Last assessment in 1996 |
| 99% Philadelphia County Common Level Ratio factor = 1.01 Ongoing assessments (AVI) |
This recent Philadelphia Inquirer article provides more explanation on assessments and appeals in the Greater Philadelphia region.
* Delaware County is currently conducting a countywide reassessment, the values of which will take effect in 2021. Learn more about that in our blog post: Delco reassessment project: an overview.
