21 Kasım 2012 Çarşamba

Not an end, but a beginning

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In summary, the news today from the Wettick Watch can be summarized.  The current assessment soap opera is coming to a close. 

If you are interested in local assessment metrics at all.  The report referenced in the news today has been available for most of the year.  See from page 14 onward in this court filing.  News articles should link to that, or make it available somehow.

Just musing at this point, but timing is interesting in all of this.  When you think about it, the decade Allegheny County went without an assessment between 2002-2012 was not a period of rapid real estate appreciation for the most part.  Yet local valuations clearly became out of date along the way.  Yet by all accounts real estate prices locally have really been appreciating recently.  Seems to me that if the current reassessmend had not been delayed several years a lot of folks would be getting a lot lower tax bills than they are about to. 

More practically.  We are about to enter the end game for assessments, and for taxpayers the end game is defined by what taxes they pay. So property tax millage adjustments are the key news item going forward.  If you want a third party calculation of what your municipality's or school district's millage should be reset to in order to remain revenue neutral, I refer you to Professor Strauss' calculations.   Ten years ago when Allegheny County really went through this last, some folks were watching pretty carefully.

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