Chester County Real Estate

A common question that most of the people who buy a house in Chester County  (and Montgomery County & Delaware County) with me is, “What is the Assessment Price and why is it so different than the asking price?”

The assessment price is shown on our MLS printouts that a Buyer is given before viewing a home for sale in the area.  It is a portion of the market value price for the property that the county has established. (Each county is a little bit different however, In Chester County, PA,  the figure is based on 100% of the appraised value as of 1996.)

You can determine how much money you will pay in taxes based on the Millage Rate. (List for Chester County Millage Rates (For Chester County, PA you have to add the Millage for the School Districts to this sheet) , Montgomery County Millage Rates, Delaware County Millage Rates)   The millage rate is the rate the tax revenue is generated. It is 1/1000th of assessed value.

To calculate the taxes for a property, use the formula AV(assessed value)  x M (Millage)  = T(tax)

For example: Assessed Value = $100,000   Millage Rate= 3.804 mills (.003804)  Tax = $380.40
What is the Assessed Value?  $380.40 x .003804 = $100,000
What are the Taxes?  $100,000 x .003804 = $380.40

If you need some help finding your Millage Rate or Calculating the above… contact Kim Wood any time

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