Penns Park, Pennsylvania Property Taxes
The median property tax rate in Penns Park, PA is 1.59%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Penns Park at $355,319, the typical annual property tax bill reaches $5,650, exceeding the national median of $2,690. Property taxes in Penns Park are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Penns Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Penns Park or another part of Bucks County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Penns Park, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$5,650
Ownwell’s PENNS PARK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PENNS PARK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PENNS PARK to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Penns Park, Pennsylvania
Property taxes in Penns Park, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penns Park is 1.59%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Penns Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penns Park estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Penns Park's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18943 zip code has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Penns Park provides valuable insights into the varying tax landscape across Bucks County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Penns Park Tax Rate
1.59%
Average Bucks County Tax Rate
1.91%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penns Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18943 | 1.59% | 1.59% | 1.59% | 1.59% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Penns Park, Pennsylvania
In Penns Park, Pennsylvania, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bucks County Assessment Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Penns Park, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Penns Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 18943 has the highest and lowest median tax bill at $5,650.
Property Tax Assessment Values Across Penns Park, Pennsylvania
Source: Ownwell
$172,340
$489,787
$807,234
Average Penns Park Assessed Value
$355,319
Average Bucks County Assessed Value
$300,000
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Penns Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18943 | $282,128 | $315,957 | $355,319 | $403,192 | $518,128 |
Source: Ownwell
Property Tax Bills Across Penns Park, Pennsylvania
In Penns Park, Bucks County, PA, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $355,319. Property tax rates are applied to this assessed value to determine the tax bill. Various factors influence the final tax bill, including the home's location, its assessed value, and any applicable exemptions or deductions. A typical property tax bill in Penns Park ranges significantly. For instance, homeowners at the 25th percentile pay around $5,024 annually, while those at the 75th percentile face bills closer to $6,411. At the 90th percentile, tax bills can reach up to $8,238. These values are notably higher compared to the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the area. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses and long-term financial planning.
Average Penns Park Tax Bill
$5,650
Average Bucks County Tax Bill
$5,548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Penns Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18943 | $4,486 | $5,024 | $5,650 | $6,411 | $8,238 |
Source: Ownwell