Frequently Asked Questions
What is Market Value?
Market value has been defined by the State Supreme Court as “the price in a competitive market a purchaser, willing but not obligated to buy, would pay an owner, willing but not obligated to sell, taking into consideration all the legal uses to which the property can be adapted and might reasonably be applied.”
Why are we having another reassessment?
A reassessment is needed when the property values that are used to make up the tax base become inconsistent, unfair, or too old to reflect the current trends and changes in the actual value of real estate.
You want more money from taxpayers?
"Reassessment can't be used as a means to generate more revenue."
The state law requires that after the tax base has been equalized & brought to current market value, the millage rate must be reduced in order to collect the same amount of revenue as the previous tax year. If the tax bodies require additional money. The county & townships may not collect increased revenues greater than 10% on the total market value of all property in Lycoming County. The school districts are limited to the school index.
Do I have to pay a fee to file an Reassessment Appeal.
No the appeal fee will be waived during the reassessment.
I want to file an appeal on my taxes.
You cannot file an appeal on your taxes. You MUST appeal the value of the property. The age or financial status of a person is not irrelevant in an appeal.
Where does the money go from my taxes?
The revenue collected from property taxes helps support the county, the townships and local school district. These taxing bodies use the funds to provide you with all of the services that you enjoy, such as public schools, libraries, parks, police and fire protection, and many other public benefits.
Why do you have to raise the value of my property, we went though this in 2004?
The assessments are now 20 years old and values have already deteriorated. Some taxpayers are paying more or less than their fair share of the tax burden. Taxpayers should pay their fair share of taxes.
What causes property values to change?
Physical changes - new garages, new swimming pools, fire damage, flood damage, additions
Change in market - one neighborhood is growing, another may be in decline