Real estate firm appeals tax assessment on Coaldale site
A real estate company has filed appeals in Schuylkill County court on the recent decision by the Schuylkill County Assessment Appeals Board which ruled no changes on three of its parcels.
The appeal was filed by Reading and Northern Real Estate, a Pennsylvania corporation with an office in Hamburg, Berks County. The subject real estate parcels are located in Coaldale.
The real estate firm claims the real estate property consists of a commercial building which housed a bank and a parking lot. It claims the same lot is identified as two parcels but all three properties are under one deed. It claims last September a hearing was held before the assessment board which ruled no change despite the fact the properties were purchased substantialy less than the county fair market value. It points out the appeals board repeatedly permitted school districts to use the purchase price in the deed as the fair market value to increase tax but in this case it claims it "erroneously" disallowed it.
It claims all three parcels are consolidated in one deed and the fair market value for tax purposes should be based on the purchase price of $75,000 which was paid for all three parcels. It is asking the court to decrease the tax assessment imposed by the appeals board.
The bank building at 100 E. Phillip St., is listed in the county assessment books at market value of $106,830 and assessment at $55,065; one parking lot in unit block on E. Phillp Street, contaning 0.03 of an acre, is valued at $340 and assessed at $170; and a third parcel in unit block of E. Phillips Street, containing 0.06 of an acre, has a market value listed at $690 and assessment at $345.