We got our notices and I just about fell over. The taxes on our home are estimated to triple and our rental properties will double. I've known for a long time that we have been paying less than we should since the value formula dates back to 1965 but that's a little hard to take.
The market values they assigned to our properties are in line with the appraisals I had done a few years ago when I was was doing one of my wrap around financing deals so I don't think I have good grounds to appeal. I did find a one mistake in that one side of the the double block we own was valued higher than the other by a few thousand dollars and they are mirror images. I may ask for an informal review but they may just say I'm right and raise the value of the lesser side.
The thing I don't understand is how they translated the values into taxes since the notice doesn't break down township, county and school taxes. Are they using the same millage? According to this story in the TL: County officials said millage rates must drop dramatically when the new assessed values take effect next year. That goes for school districts, the county and municipalities.
For example, the county millage, currently at 94.9 mills, is expected to drop to about 5 mills after the reassessment. A mill is $1 tax for every $1,000 in assessed property. That means someone with a home worth $150,000 after reassessment would pay $750 in county taxes at 5 mills.
When I did some quick math that makes a big difference and shows we may not get whacked as bad as the notice says. I haven't decided what to do about this, if anything.
The Yonk responded to my blogger call to swarm about this subject which I wasn't able to do yesterday as did Mark.
Earlier some of our local scribes sounded off on this subject:
Zen-Why hasn't anybody asked the question?
NEPALibWatch-Welcome to Luzerne County, bend over please.
Politics in Northeast Pennsylvania -Reassessment Botched?
A common theme of my fellow bloggers is that we just don't trust anything that the county does. We're willing to pay our fair share but will everyone else?
6 hours ago