Budget 101

FAQ

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 2023 rate is 18.265.
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:
18.265 / $1,000 = $0.018265
0.018265 x $45,000 = $821.925
Therefore, in 2024 you paid roughly $822 in real estate taxes

What will my real estate taxes be with the 2024 (0.6 mill) budget increase?

The new 2024 millage rate will be 18.865.
Let’s say the assessed value of your property is $45,000. Your 2024 real estate taxes would be:
18.865 / $1,000 = 0.018265
0.018265 x $45,000 = $848.925
Therefore, in 2024 you will pay roughly $850, or an increase in $27 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 followed by the flat rate period then the penalty period. 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 re-assessed 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 track 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.