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Join Date: Jun 2009
Location: Northern Berks County, PA
Re: Property Taxes
This is done on a formula, not on actual sale value or cost paid. I'm in the process of getting ready to build a home, and am getting a rather brutal course in such things.
Anyway, you can appeal this, although at the price/valuation levels you're talking, I'm not sure how much change you'll see. Apparently, with new construction, they will, on successful appeal, provide adjusted assessments that are in line with assessments prior to the last county reassessment that was performed. Rough figures bring the adjustment out to about 80% of initial valuation, but that's very generic and "rough". Results may vary, yada yada. And, this is all based on what I've learned in Berks County. Not sure how similar or different other counties are to Berks.
Not sure how that applies, if at all, to your situation, but you might look into the process for a tax appeal. I highly doubt any taxing authority would appeal/oppose the appeal, as the amount of revenue change, to them, is pretty small in the grand scheme of things.