Each of the more than 200,000 properties in Delaware County will soon receive a new estimated value for the first time in two decades as part of its reassessment project, writes Laura McCrystal for the Philadelphia Inquirer.
The assessments are used to calculate tax bills and capture the current market value of properties, or the realizable value. These new appraisals will dramatically impact individual tax bills.
The process, which is infrequently conducted by counties due to cost, was ordered by a judge last year. At present, whole towns in Delaware County are either over-assessed or under-assessed.
For example, in Lansdowne, which has some of the highest tax rates in the region, half of the homeowners could see an increase in their taxes, while the rest could see them significantly drop. The goal is to equalize the tax burden.
“We’re redistributing the equity among the property owners,” said Mary Noldy, project supervisor for the firm conducting the reassessment. “People are fearful. Everyone thinks their value will go up. Likely their value will increase, but that doesn’t mean their taxes will increase.”
Read more about Delaware County’s reassessment project in the Philadelphia Inquirer by clicking here.