Bellefonte Borough Budget
What is a Mill?
A mill equals $1.00 per $1,000 of the US dollar, or expressed as a decimal = 0.001 dollars of the assessed value.
What is a mill worth in Bellefonte Borough?
You can figure out a rough calculation by taking the Borough’s Assessed Value average ($45,000) and multiply it by a mill.
$45,000 x 0.001 = $45 per mill is average annual amount paid
What is the current millage rate in Bellefonte?
The 2020 rate is 17.765.
Let’s say the assessed value of your property is $45,000. To figure out how much you would pay in real estate taxes you would take:
17.765 / $1,000 = $0.017765
0.017765 x $45,000 = $799.425
Therefore, in 2020 you paid roughly $800 in real estate taxes
What will my real estate taxes be with the 2021 half mill (0.5 mill) budget increase?
The new 2021 millage rate will be 18.265.
Let’s say the assessed value of your property is $45,000. Your 2021 real estate taxes would be:
18.265 / $1,000 = 0.018265
0.018265 x $45,000 = $821.925
Therefore, in 2021 you will pay roughly $822, or an increase in $22 from last year.
Where do you find out the taxable assessed value of all real estate of your municipality?
All counties in Pennsylvania keep this information. Near the end of year year they produce a “book” which lists all of the property owners by parcel along with the assessed value for each. The book is known as the tax duplicate and is used by your tax collector to prepare the annual tax bills for each property. Real Estate bills are paid throughout the year and at various rates. There is a discount period at the beginning of the year (20% discount thru April 30), followed by the flat rate period (from May 1 thru June 30) then the penalty period (10% penalty July 1 thru December 31). If the bill is not paid by the end of the year, the Tax Collector is required to lien the property. During the year, interim assessment are made as a result of new construction.
What’s the difference between Assessed Value and Market Value?
Assessed Value is the value of the property that has been assessed by the County. The County has not reassessed property values since 1994. Market Value is the value of the house depending on the housing market; this is typically much higher value than the assessed value.
How does Bellefonte Borough determine the amount of real estate taxes that will actually be collected?
A simple way is to tract the collection rate over the past years to determined the average amount collected as a percentage of the original levy (duplicate X tax rate), then apply this percentage to the current year levy and use the result as the amount budgeted.