Districts react to declining land value: Officials warn that as property values fall, tax rates will rise

The recent decline in real estate value has prompted droves of local land owners to seek reassessments to lower their property taxes. In 2004, the Chester County Board of Assessment Appeals received 824 reassessment requests. That number rose to 1,342 in 2005 and stayed about the same in 2006 and 2007.

In 2008, however, nearly 2,000 requests were filed through the county’s Department of Assessments. In turn, this has strained the budgets of public school districts, which rely on local property taxes for much of their funding. Not all of Chester County's school districts have been equally affected. While finance directors of the West Chester Area and the Downingtown Area school districts said reassessments have caused substantial declines in property tax income, the finance directors of Coatesville Area, Great Valley, and Tredyffrin/Easttown school districts said they've seen little change. Property owners in Chester County can file reassessment appeals from May 1 to Aug. 1. The board of assessment appeals — not local school districts or municipalities — is responsible for reassessing properties.

Source: Daily Local; 3/23/09