What is meant by the term “taxable value”?

Taxable value is a term used in Pennsylvania property tax law to refer to the value of a property that is considered taxable by the state. This value is used to calculate the amount of taxes owed on the property each year. The taxable value is usually determined through an assessment process. This assesses the fair market value of the property, taking into account factors such as the size of the property, any improvements that have been made, nearby property values, and the current real estate market. This assessment is then used to calculate the taxable value of the property, which is based on a certain percentage of the assessed value. For example, in Pennsylvania, the taxable value of a property is set at 50% of its assessment. The taxable value of a property can change from year to year based on different factors. For example, the value may be adjusted when improvements are made to the property or when there is a change in the local real estate market. The taxable value can also change if the property is reassessed. Knowing the taxable value of a property is important for property owners, as it helps them budget for property taxes each year.

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What is meant by the term “taxable value”?

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