Property Reassessment

November 15, 2008

$1.3 billion shaved from values

About 6 percent of assessed value has been knocked off tax rolls because of reviews, appeals.

By Jennifer Learn-Andes jandes@timesleader.com
Luzerne County Reporter
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A total $1.3 billion, or about 6 percent, in assessed value has been knocked off Luzerne County properties to date because of changes made at informal reviews and formal assessment appeals, according to figures released Friday.

The combined assessed value of all properties in the county was $21.6 billion when the change-of-assessment notices were mailed.

That total has decreased to $20.3 billion as of Friday, when the county’s reassessment company compiled a snapshot reading as part of the mandatory Nov. 15 certification of values.

The $1.3 billion decrease also includes assessment reductions for property owners who signed up for the Clean and Green tax break programs. It does not include reductions from the county’s homestead tax break or assessment appeals expected to continue into December.

Future tax bill projections that were printed on the original assessment notices are not jeopardized by the $1.3 billion reduction. The reassessment company – 21st Century Appraisals Inc. – had already factored $4 billion in reductions into the tax estimate equation.

The county will soon publicly release estimated new millage rates for each municipality and school district.

The final millage rates may be tweaked before tax bills are mailed in 2009 to make sure each taxing body receives the dollar amount of revenue chosen for their 2009 budgets. Taxing bodies may count on the same revenue as 2008 with an optional increase of up to 10 percent.

County taxes should come in around 4 mills, compared to the current 94.9 mills, county officials say.

Reassessment company representative Tim Barr told county officials the total assessment of all properties in the county was roughly $824 million before reassessment.

The old assessed values were tied to the last reassessment in 1965. Even new properties had to be converted to 1965 values for property taxation purposes.

Jennifer Learn-Andes, a Times Leader staff writer, may be reached at 831-7333.

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