It was in the twentieth century that the University of Pennsylvania experienced its largest growth in the number of properties it acquired and managed. Joseph Bennet and farms in Manchester, Massachusetts from John H. The financial needs that would support and sustain this growth created the need for active fundraising which not only resulted in gifts of cash, stocks and bonds but also of land, such as the Chestnut Street Opera House from Col. It was not until late nineteenth century after the University moved to its present campus in West Philadelphia in 1870 that Penn was seriously able to consider acquiring more land for expansion and investment.

The number of properties the University owned and managed was relatively small in its early years because of the physical and financial limitations of a campus located in the heart of the going commercial center of a major American city. Being a part of the University’s financial assets, the records of University property have been maintained by the Treasurer. At times, market conditions warrant Revaluation or Reassessment programs to maintain 'fair market value.The acquisition, sale and management of land have been an integral part of the University of Pennsylvania’s history from the purchase of its first property in February 1750 on North Fourth Street, below Arch Street () and the acquisition of its first real estate investment in 1761 - Thomas Penn’s gift of a portion of the Manor of Perkasie in Bucks County, Pennsylvania. The State Constitution requires all properties be assessed at 'fair market value.' Therefore, it is essential to maintain assessments, keep up with market prices and cope with inflation. Presently, state school aid, part of which comes from State Income Tax, is based on equalized valuation of assessments. With changes in budgets, tax rates, and assessments all affecting the tax you pay, the key to your real estate tax is the bottom line of any budget: 'Amount to be Raised by Taxation.' The tax rate on your bill is determined by the County Board of Taxation based on budgets submitted by the municipality, county and schools, and the total assessed value of the municipality. The Assessor's Office also administers the farmland assessment program and processes all ownership changes, deed transactions, and deductions/exemptions (e.g., senior citizens, disabled persons and veterans).Īs with most other costs, inflation causes local government, county government and school costs to rise. The Assessor is responsible for identifying all property in the Township and assigning an assessed or taxable value.

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