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The original item was published from 3/22/2020 12:49:48 PM to 8/1/2020 12:00:07 AM.

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Posted on: March 22, 2020

[ARCHIVED] COVID-19: Radnor Township Tax Reassessment Update

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Reassessment Update:  Informal Hearings will no longer be conducted in person. All Informal Hearings will be conducted by telephone with Tyler Tech. This is a permanent change.

Tyler Tech will call the telephone number the homeowner provided during the on-line scheduling process. Expect Tyler Tech to call during a two hour window, for instance if your appointment is scheduled for 3pm, Tyler may call between 2-4 pm that day and if not answered Tyler will attempt once again the next day. After the telephone conference, documentation including photos can be emailed or copies of your documentation can be sent by mail.

Overview

  • Delaware County commenced the notification process for property reassessment on February 14th with weekly mailings to municipalities over a rolling 4-week period.
  • Municipalities are segmented into 1 of 4 zones with Radnor in Zone 4 and notifications scheduled for a March 6th mailing.
  • Below is a sample of the notification you will receive – it is a Notice of Tentative Assessment Change.
  • The new value assigned to your property is intended to be the Fair Market Value as of July 1, 2019.  In a letter you will receive from the county there will be specific instructions and a phone number to call if you disagree with the tentative assessment. (10 Business Days)
  • The County is providing a limited window of time to schedule an informal review to challenge the tentative assessment.
  • Final assessments are expected to be released in July and a formal hearing request would have to be made if a property owner disagrees with the final assessed value.
  • The impact on your property tax bill(s) will be effective beginning January 1, 2021.

TAX IMPACT

IMPORTANT – your property tax bill in 2021 will be based upon the new millage rates as established by the respective taxing jurisdictions:

  • County
  • Township
  • School District

The purpose of the reassessment is to distribute the property tax burden among properties based on current fair market value.  The reassessment cannot legally be used by any of the above taxing jurisdictions to generate more tax revenue.  Do not apply the current tax rate to your new assessment as the result will be inaccurate.  The new millage rate will be determined independently by each of the taxing jurisdictions for the 2021 year.

Example:

  • At January 1, 2020 the assessed value of all taxable residential and commercial property in Radnor Township was $3,224,795,616 and the millage rate for the Township is 4.4082.  The Radnor Township cumulative property taxes to be collected this year to help fund Township services is calculated as follows: 

( $3,224,795,616 / 1000 ) x 4.4082 = $14,215,544

  • Let’s assume, that after reassessment, the combined values of all taxable residential and commercial property in Radnor Township increased by 100% ($3,224,795,616 x 2) or a value of $6,449,591,232.

Real estate taxes for the Township in 2021 would NOT BE: 

( $6,449,591,232 / 1000 ) x 4.4082 = $28,431,088

Rather, the Township, and all taxing jurisdictions, must by law, adjust the millage rate to reflect a revenue neutral result.  In the example, since it was assumed that property values doubled (100% increase), then the millage rate must be reduced in half.

Real estate taxes billed in 2021 for the Township would be as follows: 

( $6,449,591,232 / 1000 ) x 2.2041 (4.4082 / 2) = $ 14,215,544

PLEASE NOTE – while the Township millage is adjusted based on the overall average increase in assessed values, each individual’s newly assessed property values may be above or below the average.  As such, those property owners may see an increase or decrease in taxes based on their specific assessment.

As a reminder, the County wide property reassessment project is a Delaware County project.  Please see their website for further information at:

  • www.delcopa.gov
  • There is a link titled “Tax Reassessment” on the homepage of the above site which will direct you to the website below which provides detailed information on the reassessment project.
  • www.delcorealestate.co.delaware.pa.us
  • Should you wish to schedule an informal review, there is a limited, 10 day window beginning with the date on the letter. Please call Tyler Technologies (888-773-7056) between 8:30am - 4:30pm once your letter has been received. Please do not call before as Tyler Technologies will not be able to address these calls prior to letter distribution. 

RADNOR TOWNSHIP DEPARTMENT OF FINANCE: The mission of the Finance Department is to professionally, ethically, and effectively manage the Township’s financial resources by identifying, developing, advancing, and implementing fiscal, human resource, and administrative strategies, policies, and practices for the public’s benefit.

Visit Radnor Township at: http://www.radnor.com Like us on Facebook: http://Facebook.com/RadnorTownship/ Follow us on Twitter: http://twitter.com/radnortownship Follow us on Instagram: http://instagram.com/radnortownship

For more information, Press Only:

Molly Gallagher
Press Information Officer
610.688.5600 x 197
mgallagher@radnor.org

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