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Ad valorem real property taxes are perhaps the major source of local tax revenues. Property taxes are assessed on the county level. Property tax assessments are used as the basis of county, municipal (city, township and borough) and school taxes. Each taxing body establishes a tax rate (“millage”). Property taxes differ significantly from county to county, based upon the millage applied to the assessment.
10. Must ultimate beneficial owners of entities which own real estate be disclosed as a matter of public record?
Generally, no. Corporate shareholders, LLC members and partners of limited partnerships are not required to be disclosed either in the real estate records or the entity records of Department of State. Also, the Pennsylvania Partnership Law was specifically amended to provide that property may be deeded in the partnership name, rather than in the names of the partners as under prior law. However, note that general partnerships are required to file fictitious name registrations, in which the identities of all general partners are required to be disclosed.