All Peters Township property owners should have received their new property tax assessment forms from Washington County. Although these numbers are preliminary and will not be finalized until the appeals process is completed, below are some calculations that may help you determine your new estimated school tax.
While some homeowners may see an increase as a result, others will see an overall decrease. By law, a reassessment cannot result in a windfall for a taxing body. All school districts must decrease millage following a countywide reassessment so that the total amount of taxes levied are no more than the preceding year’s Act I Index, currently 2.4%, greater than the total amount the district levied on those properties in the preceding fiscal year. As a result of the reassessment, the current millage of 113.4 will potentially be reduced to an estimated millage range of 12.72 to 13.02 mills.
To estimate your new school tax obligation, multiply your new 2017 assessment by .01272 to .01302 to determine your estimated payment range.
For example: If your home was valued at $27,200 under the old assessment, your school tax obligation was $3084. The same property with a new 2017 assessed value of $310,000, may pay approximately $3,943 to $4,036. This is an increase of 28% to 31%.
Please note that these estimates do not consider the effect of the homestead farmstead exclusion.
More information about the assessments may be found on the Washington County Website at: http://www.co.washington.pa.us/index.aspx?NID=220