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Reply to "Help me understand property taxes in Pennsylvania"
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[quote=Anonymous][quote=Anonymous]My parents live in PA, and (at least where they live) property assessments are only updated when the house is sold. So when you buy a house, you will pay way more than the previous owners who lived there for a long time, and much more than your neighbors in similar homes who have lived there for years. But in ten years, you’ll still be paying based on that assessment, and your new neighbor who buys in 2034 will pay much more than you. [/quote] That's a back breaker then. Lets say you're paying about $6k in property tax on an $800k home because it's only assessed at $200k. No way we could afford a $24k tax bill if updated at sale because the assessment value was now $800k. It just seems like PA has a huge distortion in their market because they artificially keep assessments aggregiously low. [/quote]
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