By when must the Common Level Ratio be set?

The correct answer indicates that the Common Level Ratio must be set on or before June 30th. This timeline is essential because the Common Level Ratio is used in Pennsylvania to assess property tax equity across different municipalities. Setting this ratio by the end of June ensures that it can be applied appropriately in the tax calculations for the upcoming fiscal year.

By having a deadline set on or before June 30th, the state can provide a clear and consistent framework for local governments to prepare their budgets and tax rates accurately. This also allows for sufficient time for any disputes or adjustments that may arise regarding property assessments before the new tax year begins on July 1st. Meeting this deadline is crucial for maintaining the integrity and fairness of the property tax system, as it helps to align property values and assessment ratios across jurisdictions.