Please note that this article is intended to provide information about property tax rates and does not constitute financial or legal advice. Consult with a professional for personalized guidance.
Are you a homeowner in Bucks County? If so, understanding property tax rates, also known as the millage rate, is crucial. As the mayor and aldermen consider the adoption or rollback of the current millage rate, it’s important to know how this rate affects you and your property taxes. In this article, we will simplify the concept of millage rates and explain their significance.
Breaking Down the Millage Rate
The millage rate represents the amount you owe in taxes on your property based on its assessed value. For every one dollar of assessed value per thousand dollars, one mill is added to the rate. To provide a clearer understanding, let’s take an example. Suppose your home has a taxable value of one hundred thousand dollars. In this case, you would owe a hundred dollars per mill.
Currently, the millage rate in Bucks County is set at 12.739 mills. It’s essential to note that the city council is contemplating keeping the rate as it is. However, this seemingly straightforward decision is subject to more intricate considerations.
The Complexities of Keeping the Millage Rate
Last year, the city council rolled back the millage rate from a higher rate set by the previous administration. However, according to state law, even maintaining the millage rate at the same level can lead to a perceived tax increase. This occurs because property values tend to rise over time. Consequently, even if the millage rate remains unchanged, property taxes might increase based on your home’s assessed value.
To further complicate matters, various exemptions and provisions, such as the Stevens Day exemption, can potentially lessen the assessed value of your home. Thus, when deciding whether to keep the millage rate or roll it back, it’s crucial to consider how the assessed value of your property may impact your tax burden.
Having Your Say
As a homeowner, you have an opportunity to voice your opinion regarding the council’s decision on the millage rate. Public hearings will be held starting July 22nd, with sessions at 4 pm, 6:30 pm, and an additional hearing on August 12th at 2 pm. Your participation in these hearings enables you to contribute to the decision-making process and express your preference for either keeping the millage rate the same or rolling it back.
Understanding Historical Context
To have a complete picture of the millage rate, it’s helpful to examine its historical trends. Since 2001, the millage rate in Bucks County has typically ranged between 12 and 14 mills. However, it’s interesting to note that the millage rate has experienced significant fluctuations over the years. The highest recorded millage rate stands at 30, which occurred way back in 1972. On the other hand, the lowest millage rate was eight and a half, observed between 1979 and 1983.
Conclusion
In conclusion, understanding the millage rate is essential for all homeowners in Bucks County. As the city council debates the adoption or rollback of the current millage rate, it’s crucial to comprehend the implications for your property taxes. The millage rate is calculated based on your property’s assessed value and represents the amount you owe in taxes. Whether you’re in favor of keeping the rate as it is or advocating for its rollback, your participation in the public hearings is valuable. Together, we can help shape the future of property tax rates in Bucks County.
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Key Points:
- The millage rate determines the property taxes you owe based on your property’s assessed value.
- The millage rate in Bucks County is currently set at 12.739 mills.
- Maintaining the millage rate can be perceived as a tax increase according to state law due to rising property values.
- Various exemptions, such as the Stevens Day exemption, can impact the assessed value of your property.
- Homeowners have the opportunity to share their opinion on the millage rate during public hearings.
- The millage rate has historically ranged between 12 and 14 mills in Bucks County, with the highest recorded rate being 30 in 1972.
- The lowest millage rate was observed between 1979 and 1983, at eight and a half mills.