What's Your House Worth?
Delco Tax Re-Assessment
Now that you've received your Delaware County Tax
Re-Assessment Notice, you have
1 job, make sure that you can reasonably sell your home for the amount of the new assessment.
The best way to do that is to speak with a real estate professional.
It's a good feeling knowing that someone could by your home at 3 times the price on your old assessment, but doing nothing could have a huge impact on your future tax bill.
For example, if a home was assessed originally at $200K and is now valued at $450K per the county, that may sound great, but that means your old assessment was 44% of market value. The county common level ratio (CLR) states that the total assessment for the county is at 56.4% of total market value and that the school district assessment total was at 68% total market value. If the County and the School District reach 100% market value based on these ratios your taxes are most likely going up.
However, if your old assessment was $350K and $450K that means your original assessment was 77.8% of market value and your taxes are most likely going down.
Want to do the math your self? Divide your old assessment by your new assessment if the number is less then 56.4%, then you may see an increase in county taxes, and if its lower then 68% you may see an increase in the school district and local taxes.
If you want to play with numbers you can check out what the assessment could mean for your taxes based on the above-mentioned ratios check out our Reassessment Impact TAX CALCULATOR. NOTE: This is not a guarantee, but a way to get an idea of what could be the impact of your new assessment. The big unknown remains to total ASSESSMENT.
So if you cannot sell your home for the new value noted on the assessment form you received, then talk to your real estate professional and/or scheduled your appeal at www.tylertech.com/delco or at (888) 773-7056.
For your reference:
2020-2021 Garnet Valley School District Budget
2020 Chester Heights Assessment