Assessed Value Determinations
The yearly determination of a property’s assessed value is done by the township assessing department. The Assessor is required by the State to assess all real and personal property in the township at fifty (50) percent of market value as of December 31 of each year. Market value is defined as the most likely price that a property would sell for in an arm’s length transaction with no undue influence suffered by either the buyer or seller. An individual selling price does not establish the assessed value of any property, rather an analysis of all sales is done to establish uniform values for all properties in Forest Home Township. Various factors are taken into consideration when establishing the assessment, including, but not limited to location, size and utilization, age, style, surrounding properties, and land and improvement values.
With the advent of Proposal A (P.A. 415 of 1994), the value upon which property owners pay tax on is called the Taxable Value. This value is used to calculate one’s property taxes, and has been set at the 1994 assessed value and multiplied by the rate of inflation for every year that it has been owned by the same entity. As long as the property has not transferred ownership and not been added to, the annual increase in taxes is limited (or capped) by the rate of inflation.
Principal Residence Exemption
If you own and occupy a property that is considered your principal residence, you can file an affidavit that allows you to claim an exemption from some school operating taxes. This affidavit is also available online at this location.
If you have had any new construction or remodeling in the past year, you can expect a visit from the assessor or his assistant sometime between the middle of November and the middle of January.