What does Assessed Value of real estate mean? How is real estate tax due on a particular parcel of real estate calculated?
Assessed Value is the value set by the County Tax Assessment Office for each parcel of real estate in the county as a basis for levying taxes. In Berks County, assessments were originally set at 100 percent of market value, as part of a county-wide reassessment which occurred in 1992. In order to determine the amount of tax due on a particular parcel of real estate, it is necessary to know the millage imposed by (i) the county; (ii) the municipality (township, borough or city); and (iii) the school district in which the parcel is located. One mil equals 1/10 of 1% (0.1%). If the total millage (county, municipality and school district) on a particular parcel of real estate in Berks County is 30 mills, and if the assessment of that parcel is $100,000.00, the total real estate tax due on that property would be $3,000.00 each year (.01% x 30 = 3%; 3% of $100,000.00 = $3,000.00).
Related Questions
- If the lenders appraisal comes out higher than the tax assessed value, could the real estate taxes go up?
- What is the difference between the Appraised Value and the Assessed Value of a parcel of real estate?
- What do the terms Assessed Value, State Equalized Value and Taxable Value mean on my Tax Bill?
