What is an assessment increase?

An assessment increase is an increase in the value of a property as determined by the local tax assessor. In Pennsylvania, most properties are assessed annually. The assessment value is then used to determine the amount of taxes one must pay for that particular property. The assessment value is based on the amount of money a buyer would likely pay for the property in the current market. Assessors look at market trends, the condition of the property, and other factors to come up with the value. An assessment increase is a direct reflection of the market conditions. For example, if the property is located in a popular area, the value of the property is likely to increase and your assessment value will reflect that. On the other hand, if the market conditions decline, the assessment value may decrease. Typically, an assessment increase will result in an increase in your property taxes. As your assessment value increases, the rate of taxes collected on that property will also increase to reflect the new value. It is important to note that in Pennsylvania, assessment increases are limited to a certain percentage each year, so it is unlikely that you will face a huge increase in taxes.

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