PRINTER'S NO. 3670
No. 2674 Session of 1998
INTRODUCED BY KENNEY, WOGAN AND J. TAYLOR, JUNE 3, 1998
REFERRED TO COMMITTEE ON URBAN AFFAIRS, JUNE 3, 1998
AN ACT 1 Amending the act of May 22, 1933 (P.L.853, No.155), entitled "An 2 act relating to taxation; designating the subjects, property 3 and persons subject to and exempt from taxation for all local 4 purposes; providing for and regulating the assessment and 5 valuation of persons, property and subjects of taxation for 6 county purposes, and for the use of those municipal and 7 quasi-municipal corporations which levy their taxes on county 8 assessments and valuations; amending, revising and 9 consolidating the law relating thereto; and repealing 10 existing laws," further providing for the valuation of 11 property. 12 The General Assembly of the Commonwealth of Pennsylvania 13 hereby enacts as follows: 14 Section 1. Section 402(a) of the act of May 22, 1933 15 (P.L.853, No.155), known as The General County Assessment Law, 16 amended December 13, 1982 (P.L.1160, No.268), is amended to 17 read: 18 Section 402. Valuation of Property.--(a) It shall be the 19 duty of the several elected and appointed assessors, and, in 20 townships of the first class, of the assessors, assistant 21 township assessors and assistant triennial assessors, to rate 22 and value all objects of taxation, whether for county, city,
1 township, town, school, institution district, poor or borough
2 purposes, according to the actual value thereof, and at such
3 rates and prices for which the same would separately bona fide
4 sell. In arriving at actual value the county may utilize either
5 the current market value or it may adopt a base year market
6 value. In arriving at such value the price at which any property
7 may actually have been sold either in the base year or in the
8 current taxable year, shall be considered but shall not be
9 controlling. Instead such selling price, estimated or actual,
10 shall be subject to revision by increase or decrease to
11 accomplish equalization with other similar property within the
12 taxing district. In arriving at the actual value, all three
13 methods, namely, cost (reproduction or replacement, as
14 applicable, less depreciation and all forms of obsolescence),
15 comparable sales and income approaches, must be considered in
16 conjunction with one another. [Except in counties of the first
17 class, no] No political subdivision shall levy real estate taxes
18 on a county-wide revised assessment of real property until it
19 has been completed for the entire county.
20 * * *
21 Section 2. This act shall take effect in 60 days.
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