We have written a couple of posts about the Lancaster County-wide Property Tax Reassessment. In this post, we want to focus specifically on commercial and industrial properties. This includes any sort of income producing properties, including apartments and other rental properties.
As we explained before, the aim of the 2018 Reassessment is to make the assessed value of property equal to the actual fair market value of that property. That is relatively easy to do with residential property – the County can see what properties of a similar size and location have sold for, and compare that to your residential property. But for commercial property, that is much more difficult. Your commercial property is different from most other properties.