A people numerous and angry
But there is an update that is probably a bit more inconceivable to most. That first cut was looking at the pattern of value changes in residential properties between the 2002 base year numbers in use in Allegheny County and the 2012 numbers that are currently in some legal twilight zone. The city-wide average for residential properties was somewhere close to a 46% increase in the two sets of values.
By the way, not ever mentioned anywhere.. but over the decade there has been a tad bit of inflation that is impacting the nominal values of everything. If the nominal value of your home actually didn't appreciate over that time, it means its real value dropped by a third give or take. In inflation adjusted dollars everyone's property taxes have been dropping over the last decade because of the lack of reassessments and generally fixed millage rates (exceptions where millages have gone up, but most have not in the county).
Turns out that commercial properties came in with a 71% increase in value. That is over 10 years, so we are really talking about works out to a tad over 5% increase per annum... a rate which a lot of people in the world would still be angry with if it was that low. Itself not all that much above the rate of inflation for that matter. Stranger still it is so low when you begin to look at all the positive media coverage of local commercial real estate has had of late. Hold that thought for now.
So if you work it out, the overall value of assessments in the city of Pittsburgh work out to a 58% increase give or take. So assuming the required resetting of tax rates to levels that keep city revenues the same as before the assessment... 58% is the benchmark to look at when determining whether or not your actual tax bill will be going up.
So for the city of Pittsburgh the distribution of changes in assessed values look like the graph below. I have annotated the aggregate changes in residential, commerical properties and the overall average. It works out quite remarkably that it is not 60% that will see their taxes go down if the millage is properly reset, but 65%. So for everyone who will see their property tax bill go up, almost 2 homeowners will see their property tax bill go down. To overparse a bit, but it is about 3/4 of all owners who are looking at a property tax bill going down, or by increases of 10% increase or less.
Here is something to ponder... the scale of changes resulting this assessment are likely an order of magnitude LESS than the changes that resulted from the 2001 reassessment. I can't prove that because I don't have the data, but anyone want to argue the point? Why are we dealing with it this time an order of magnitude worse is a real question worth asking?