Sunday, 15 May 2016 22:55

Tax Assessment FAQ

Why does Property have to be assessed?
What is an assessment?
What is Elk County’s ratio?
How are taxes calculated?
What is an Occupation tax?
How are occupation taxes calculated?

Why does Property have to be assessed?

Under Pennsylvania law, property taxes are the primary source of revenue for the county municipal governments, and school districts. Property taxes, which are calculated using the assessed values multiplied by a millage rate set by the governing bodies fund all services provided by the governing bodies.

What is an assessment?

An assessment is a factional portion of the fair market value of your property. Also called the Assessment Ratio.

What is Elk County’s ratio?

The County of Elk is currently at a 50% ratio base since the last countywide re-evaluation in 2005 (which started to take effect in 2006).

How are taxes calculated?

When the assessment process is finished for a tax year this Office notifies the taxing authorities what their total valuation will be and the taxing authorities calculate what they will need to balance their budgets for the upcoming year by adopting a tax rate (millage rate).

One mil represents one dollar of tax per thousand dollars of assessed value.

As an example: Assessed value of $10,000 times 26 mills equals $260.00

$10,000 x .026 = $260.00

What is an Occupation tax?

Occupation taxes are based on your job description at your place of employment and are assigned a whole dollar amount or an assessed value by the taxing authorities.

How are occupation taxes calculated?

An example: The county uses the whole dollar amount only and is limited to $5.00.

Some municipalities and school district use a millage rate or a whole dollar and a millage amount. $5.00 plus 1000 assessed value times 10 mills equals $10.00. Total taxes $15.00. $5.00 + 1000 x .010 = $10.00 added together = $15.00.

If any of your questions have not been answered here please contact this office.

Phone: (814) 776-5340

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Read 1888 times Last modified on Sunday, 15 May 2016 23:05

ELK COUNTY

Elk County Courthouse
250 Main Street
P.O. Box 448
Ridgway, PA 15853

Elk County Courthouse Annex
300 Center Street
P.O. Box 448
Ridgway, PA 15853