STATE TAX
EQUALIZATION BOARDOfficial Certification of the 2011 Aggregate Market Values of Taxable Real Property [42 Pa.B. 5951]
[Saturday, September 15, 2012]The State Tax Equalization Board (Board) officially certified to the Department of Education (Department) the 2011 Aggregate Market Values of Taxable Real Property in each of the 500 school districts in this Commonwealth.
The State Total 2011 Market Value as certified by the Board is $756,045,833,849; an increase of 0.05% over the 2010 Certified Market Value.
The State Total 2011 County Assessed Valuation of Taxable Real Property as certified to the Board by County Assessment Officials is $451,343,272,265; an increase of 0.05% over the 2010 Assessed Valuation.
The Board determines and certifies annually to the Department, on or before July 1st of each year, the Aggregate Market Value of the taxable real property for each school district in this Commonwealth. This Market Value is one factor in a legislative formula used by the Department for the distribution of State school subsidies. Many other uses are made of the Board's market values.
The 2011 Market Value is restricted by law to reflect only those changes from the 2010 Market Value which result from properties going on or off the assessment rolls for school purposes.
The act of August 24, 1977 (P. L. 199, No. 59) provides that the 2011 Market Values assume a 60% weighting and the personal income factor, as certified to the Department by the Secretary of Revenue, assumes a 40% weighting in the reimbursement formula for the 2011-2012 school year. Subsidy payments which are computed from the 2011 Market Value will be payable during the 2012-2013 school year.
JAMES A. ZURICK, Esq.,
Chairperson[Pa.B. Doc. No. 12-1849. Filed for public inspection September 14, 2012, 9:00 a.m.]
