This form is a clause regarding additional rent element of an office lease providing for tax increases. The tax increases pertain to assessments and special assessments levied, assessed or imposed upon the building and/or the land under, including any land(s) dedicated to the use of, the building, by any governmental bodies or authorities.
Pennsylvania Tax Increase Clause
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Multi-State
Control #:
US-OL19033GA
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Word;
PDF
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How to fill out Tax Increase Clause?
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FAQ
Property assessment should be the same every year, except for three triggering events: A building permit or demolition on the property, potentially changing the assessed value. The taxpayer or school district files an appeal, challenging if the assessed value is too high or too low.
There is no minimum or maximum amount to pay on your property in Pennsylvania to pay property taxes.
This base-year value is used for assessments each year until a new base-year is established by a countywide reassessment. Ideally, a county should reassess all properties every three or four years. However, the typical period between reassessments in Pennsylvania has been 20 to 25 years.
Using Special LLCs to Avoid Property Tax Reassessment Each situation is different, however, in general, we use a series of LLCs to systematically transfer the property to your children (or other beneficiaries) over a period of time. Each transaction avoids these detailed reassessment rules.
All taxes shall be uniform, upon the same class of subjects, within the territorial limits of the authority levying the tax, and shall be levied and collected under general laws.
In the 2022-23 budget, lawmakers and Gov. Tom Wolf reached agreement on a plan to gradually lower the state's 9.99% Corporate Net Income Tax rate to 4.99% by 2031. Now, with the passage of HB 1219, lawmakers are looking to speed that process up.
In some counties, assessed value is (or should be) equal to the current market value of property. In other counties, assessed value is equal to some percentage of current market value. The state publishes Common Level Ratios (CLR) that represent the ratio of assessed values in a county to market value.
Completion of new construction or a change in ownership (?CIO?) triggers a reassessment to a new Base Year Value equal to the current fair market value, meaning higher property taxes.