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[quote=Anonymous]We get slammed what seems like every single year with tax increase in MoCo due to increased assessment of our property. Meanwhile, I've been looking at homes in PA and constantly find they pay massive amounts of taxes relative to the assessment of property. It seems like the entire state of Pennsylvania assesses homes at a fraction of their current market value, why is this?  Is it because they'd make everyone go homeless due to gigantic tax increases that would happen if they forced a state wide reassessment to tax current market value of homes?

Example 1:

https://www.zillow.com/homedetails/100-Monument-Ave-Malvern-PA-19355/9135796_zpid/

This house going for $1.2M only pays about $8k.tax because tax assessment is only $230k. The house has basically not gone up in terms of reassessment for tax since the year 2000 if you're including inflation.

Example 2:

https://www.zillow.com/homedetails/1740-Lenape-Rd-West-Chester-PA-19382/335727182_zpid/

House over $4M pays $30k tax, but the assessment is only for $890k.  So of PA one day decided to reassess this property for it's true value of $4M, the tax bill with be a massive $150k or so since the assessment increased by 5x?

Why is PA like this? Assessments are so, sooo low.  Their property taxes would seem like they'd be absolutely astronomical if they actually decided one day to assess homes at current market values rather than keep using values that seem to be stuck from 1996.  Why is PA like this?  Has there ever been talk about reassessing homes according to fair market value to increase taxes?  Is this an potential massive risk for buying in PA? One day the govt decides to reassess and all of the sudden your $8k tax bill in PA goes up to $30k?  If you buy a home in PA, do these old assessments artificially keeping taxes low transfer to the new buyer, or will you be body slammed with a reassessment as a new owner and according to the amount you paid for the home? PA taxes seem massively high and also simultaneously way out of whack because they're hardly ever adjusted.

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