For years, Luongo Bellwoar has been providing legal support on a wide variety of issues related to real estate law. The term "real estate" relates to real property or land, along with anything permanently attached to the land, such as buildings, houses, and immovable property. Ownership of real estate means the ownership and right to use the land for legitimate purpose. Real estate law deals with everything and anything that is related to real property and involves regulations and laws for protection of real estate and governance of real estate related transactions.

ARE YOU PAYING TOO MUCH IN REAL ESTATE TAXES?

Like many of you, we at Luongo Bellwoar are very concerned about the current state of our economy, especially in the real estate market. Housing values here in Chester County and in surrounding counties appear to have been negatively affected.

While we, as homeowners, can’t really impact the values of our homes in the market, we can review the values that are the basis for our real estate taxes. If those values are high, especially given the current real estate market, an assessment appeal can be filed to try to reduce the assessment and thus the corresponding real estate taxes that we pay.

Pennsylvania’s assessment process can be somewhat confusing. A property’s assessment value does not equal market value. Chester County uses a ratio that is calculated by the state to equate assessment value to market value. This ratio is used to determine the market value of your property for real estate tax purposes.

In assessment appeals, we work with our clients on a contingent basis whereby, we are not paid any fee unless a reduction in the real estate assessment is reached and your property taxes are reduced.

Appeals that are filed this year (2009) and that result in a reduced assessment will affect the taxes in 2010 and into the foreseeable future unless Chester County goes through a re-assessment for every parcel in the county and/or a significant change (addition or demolition) occurs at the property. The deadline for the filing of a real estate tax assessment appeal is August 1.

If you would like additional information on your property, the assessment process, and/or are interested in having an appeal filed on your behalf, please contact us at Luongo Bellwoar to schedule an appointment at 610-430-6600 or email us online.