What is an assessment?

An assessment is a number having a direct relationship to the market value of a property.  Erie County requires that assessments be 100% of the market value of your property.

What is market value?

This is the amount of money a willing buyer would pay a willing seller for property offered for sale in an open market over a reasonable amount of time for exposure, where both the buyer and the seller are well informed and neither is under any pressure to act.

What is reassessment?

Reassessment is the systematic review of the assessed value of all properties, for the purpose of bringing all values to a uniform percentage of market value.

How is residential property value determined?

A residential property value is determined by collecting the characteristics of each property and comparing these characteristics to similar properties in comparable locations that have recently sold.  Adjustment for differences are then made to arrive at a market value for the property.  This is called the sales comparison approach to value and is primarily used for residential property.  For commercial and industrial property, rental income and expenses are also considered in the valuation process.  This is called the income approach.  The cost approach may also be used if insufficient sales or income information is available as in the case of churches and power plants.

What property information was collected?

Examples of some of the information collected during reassessment are:

Location, lot size, topography, zoning, square footage, style, grade of construction, condition, number of bathrooms, garage size and type, number of rooms, basement type, year built, effective age, porches, decks, pools, other improvements and view.

Will reassessment affect my property taxes?

The reassessment's affect on the property tax of any individual property cannot be estimated until all parcels have been valued and all taxing jurisdiction budgets determined, which will not be until 2003.  This is because the total value of the county properties is divided into the dollars to be raised by taxes.

What if I disagree with the value of my property?

Notification of projected assessments will be mailed in early February, 2002.  The notice will provide the new assessed value and an estimated impact on your county taxes.  Property owners will have 15 days to request an informal review.

Property owners will receive an official notice of new assessments in April, 2002.

Property owners who are dissatisfied may file for a formal appeal before the Board of Tax Assessment Appeals.

What information do I need for an effective appeal?

• Obtain a copy of the assessment record.  Be sure that you understand how the assessed value was calculated.  The assessment record should be reviewed for errors.

• Look at recent home sales in your neighborhood.  Select 2 or 3 homes that are similar and since no two houses are exactly the same, take into account any differences to estimate what your house might sell for.

• You must have a reason for appealing and what you think your assessed value should be.  Many taxpayers simply think their assessment is too high and don't have specific reasons for their opinion.  The more information you supply to back up your appeal, the better. 

Assessment Evaluation, Inc.
800 State Street
Suite 400
Erie, PA  16501
(814) 454-2484 Ext 24   Fax (814) 455-3471

email - information@assessmentevaluation.com