Montgomery County PA
Real estate taxes are based on two things: the assessed value of the property, which is set by the County, and the millage rate. Each of the three taxing authorities — County, Township, and School — have their own millage rates.
The assessment is a percentage of the market value of your property. The assessment is the foundation, which the taxing authorities use to determine the amount of real estate taxes owed using their tax rates. Today the assessed value is roughly one-half of the current market value.
The millage rate is the amount per $1,000 used to calculate taxes on property.
The assessment can change depending on certain factors, such as adding a pool, a deck, or a finished basement. It can go down if the property owner feels that the assessment is too high. That is part of the Board of Assessment Appeals process.
Millage rates can change every year.
You can find details on current millage rates on the Montgomery County website at this link.
Did You Know?
The term "millage" is derived from the Latin root word millesimus, which means "thousandth."