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Reply to "Help me understand property taxes in Pennsylvania"
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[quote=Anonymous][quote=Anonymous]Having just bought a $1mm+ house on the main line from out of state, I was told by my realtor that. they simply never update the assessments. Instead, they increase the tax rate when more funds are needed. This actually makes a lot of sense and does not result in, say, new homeowners paying astronomically higher taxes than people who have been in their house longer. This I'm sure varies by municipality. But the assessed value of the home I just bought is approx 1/3 of the price I paid.[/quote] I’m in Philadelphia and they definitely adjust. We had a big one a year or two ago where ours went up by nearly 40%. It was a shocker and we got a letter saying we could dispute it if our income was under some amount like $150k. We started out at about $3500 when we bought and we’re up over $8k now. Which wouldn’t be so bad if the schools were good or they actually salted and plowed our street, which they absolutely do not :/ [/quote]
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