All terms defined in the Homestead Property Exclusion Program
Act, 53 Pa.C.S.A. § 8581 et seq., shall have the meanings
set forth therein. The following terms shall have the meanings set
forth herein:
ASSESSOR
The chief assessor of Montgomery County, Pennsylvania.
BOARD
The Montgomery County Board of Assessment Appeals.
BOROUGH
The Borough of Narberth, Montgomery County Pennsylvania.
COMMON LEVEL RATIO
The ratio of assessed value to current market value used
generally in the Montgomery County as last determined by the State
Tax Equalization Board under the State Tax Equalization Board Law.
ESTABLISHED PREDETERMINED RATIO
The ratio of assessed value to market value established by
the board of county commissioners and uniformly applied in determining
assessed value in any year.
FARMSTEAD
All buildings and structures on a farm not less than 10 contiguous
acres in area, not otherwise exempt from real property taxation or
qualified for any other abatement or exclusion pursuant to any other
law, that are used primarily to produce or store any farm product
produced on the farm for purposes of commercial agricultural production,
to house or confine any animal raised or maintained on the farm for
the purpose of commercial agricultural production, to store any agricultural
supply to be used on the farm in commercial agricultural production
or to store any machinery or equipment used on the farm in commercial
agricultural production. This term shall only apply to farms used
as the domicile of an owner.
FARMSTEAD PROPERTY
A farmstead for which an application has been submitted and
approved under Section 8584 of the Homestead Property Exclusion Program
Act.
HOMESTEAD
A dwelling, including the parcel of land on which the dwelling
is located and the other improvements located on the parcel for which
any of the following apply:
A.
The dwelling is primarily used as the domicile of an owner who
is a natural person. The homestead for real property qualifying under
this article shall not include the land on which the dwelling is located
if the land is owned by a person other than the person who owns the
dwelling.
B.
The dwelling is a unit in a condominium as the term is defined
in Section 3103 of Title 68 of the Pennsylvania Consolidated Statutes
and the unit is primarily used as the domicile of a natural person
who is an owner of the unit; or the dwelling is a unit in a cooperative
as the term is defined in Section 4103 of Title 68 of the Pennsylvania
Consolidated Statutes and the unit is primarily used as the domicile
of a natural person who is an owner of the unit. The homestead for
a unit in a condominium or a cooperative shall be limited to the assessed
value of the unit, which shall be determined in a manner consistent
with the assessment of real property taxes on those units under Title
68 of the Pennsylvania Consolidated Statutes or as otherwise provided
by law. If the unit is not separately assessed for real property taxes,
the homestead shall be a pro rata share of the real property.
C.
The dwelling does not qualify under the criteria listed above
and a portion of the dwelling is used as the domicile of an owner
who is a natural person. The homestead for real property qualifying
under this subsection shall be the portion of the real property that
is equal to the portion of the dwelling that is used as the domicile
of an owner.
MEDIAN ASSESSED VALUE
The value which is the middle point in the sequential distribution
of assessed values, above and below which exist an equal number of
assessed values.