That's not the market value, that's the last sale price.
Melanie Lamond could probably state this more accurately, but I believe market value is some average of what "comparable" properties have sold for in recent times. I live on Windsor Avenue-so a simple constellation of "comparable" properties would be the 4700 and 4800 blocks of Windsor-neither is in the Penn-Alexander catchment, so that factor doesn't enter in. Look at properties the same size as yours, in nearby blocks, and take some average of the highest values (more accurately: most recent sale values?) One problem with this is that values may have dipped slightly in recent years, but I'm not sure how much that is true in our neighborhood. So - if your $200k was fairly recent, that may be much closer to the market value than the 60k figure, and you can ignore the $1. The search here is better than I used the last time: http://opa.phila.gov/opa.apps/Search/SearchForm.aspx?url=search You can search by block or by intersection which makes it simple. On our block, folks who bought long ago paid comparatively low prices, but recent sales have been very high by comparison. From: suzanne anderson [mailto:suzannebanningander...@gmail.com] Sent: Monday, June 11, 2012 1:25 PM To: bill_sander...@msn.com Cc: ucneighb...@googlegroups.com Subject: Re: [UCNeighbors] Yet another Homestead Exemption application form so, my neighbor's house is listed as having a market value of $1. another neighbor's house is listed as $60,000. mine is $200k+. same block. 1 is probably a family member to family member $1 exchange, the other is a modest, un-renovated, owner occupied home. ours is a total "gut& flip". under this it looks like we all pay a percentage of the market value? that can't be right. sba
