Update for Filing an Annual Tax Assessment Appeal
In a recent blog post I shared that it was time to think about filing an annual tax assessment appeal. The new common level ratio (CLR) for 7/1/15 – 6/30/16 is 1.29, up slightly from last year’s 1.26.
CLR is the factor you apply to your property’s assessed value to determine fair market value. For example, a property that is assessed at $100,000.00 should have a fair market value of $129,000.00. If the fair market value is actually below that, you should consider filing a tax assessment appeal. That deadline is fast approaching on August 1, 2015.
The significance of the property assessment is that it serves as the basis to calculate school, county and municipal taxes. By multiplying your assessed value times the millage rate, you will know the annual taxes on your property. You can find the applicable millage rate for those taxes as updated to include to 2014 and 2015/2016 school taxes on Lancaster County’s website.