Have you recently purchased a new house or commercial property? Do you feel like your property taxes are unusually high? Your property may be over-assessed. Do not be fooled by your “assessed” value. In the suburban counties in Southeastern Pennsylvania, the assessment is supposed to be a percentage of the fair market value; in other words, the assessment is supposed to be lower than the fair market value. The following are the percentages that properties are supposed to be assessed at in Chester, Delaware and Montgomery Counties for 2019:
- Chester County – 51.3%
- Montgomery County – 50.9%
- Delaware County – 58.1%
To determine if you are over assessed, take your assessed value and divide it by the percentage for your county. The product of that equation will provide you with the fair market value of your property according to the County. If it is too high, then you should consider an appeal. By way of illustration, if you live in Chester County and your assessment is $600,000, then that assessment is correct if the property has a fair market value of $1,169,590 ($600,000/.513). If you think or believe that your property would sell for less, then you may be a candidate for an assessment appeal.
The deadline for appealing your assessment is August 1st. There is still time. Contact John Fiorillo if you think your property may be over assessed. John has been successfully representing residential and commercial property owners for nearly two decades. Our fee is contingent on obtaining a savings of at least $600 annually. Property owners are responsible for any out of pocket costs, typically a filing fee and the cost of an appraisal if an appraisal is necessary. For more information contact John Fiorillo or his assistant, Michelle Molineux, at 610.692.1371.