Property Valuation
For Pennsylvania property tax assessment purposes, what is the 'common level ratio' (CLR)?
AThe ratio of a property's market value to the statewide average assessed value
BA county-specific ratio relating assessed values to current market values, used in tax appeal proceedings✓ Correct
CThe percentage of a property's value exempt from taxation under homestead exemption
DThe ratio of school district taxes to municipal taxes in a given county
Explanation
Pennsylvania's State Tax Equalization Board (STEB) publishes the Common Level Ratio (CLR) for each county annually. The CLR represents the ratio of assessed value to fair market value countywide.
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