King Of Prussia, Pennsylvania Property Taxes
The median property tax rate in King of Prussia, PA is 3.31%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With a median home value of $317,700 in King of Prussia, the typical annual property tax bill reaches $10,512, far exceeding the national median of $2,690. Property taxes in King of Prussia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding King of Prussia'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 King of Prussia or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
King Of Prussia, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.31%
Estimate Property Tax Bill
$10,516
Ownwell’s King of Prussia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in King of Prussia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in King of Prussia 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 King Of Prussia, Pennsylvania
Property taxes in King of Prussia, Pennsylvania are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in King of Prussia is 1.56%, significantly higher than the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within King of Prussia set these rates annually, and they can vary significantly across different neighborhoods. Each year, King of Prussia 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 King of Prussia's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19406 zip code has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these figures compare with King of Prussia provides valuable insights into the varying tax landscape across Chester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average King Of Prussia Tax Rate
3.31%
Average Chester County Tax Rate
3.50%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across King Of Prussia, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19406 | 3.31% | 3.31% | 3.31% | 3.31% | 3.31% |
Source: Ownwell
Property Tax Assessment Values Across King Of Prussia, Pennsylvania
In King of Prussia, 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 Chester 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 King of Prussia, 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 King of Prussia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $10,512, found in the 19406 zip code.
Property Tax Assessment Values Across King Of Prussia, Pennsylvania
Source: Ownwell
$17,490
$208,860
$400,230
Average King Of Prussia Assessed Value
$317,700
Average Chester County Assessed Value
$166,835
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across King Of Prussia, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19406 | $317,700 | $317,700 | $317,700 | $317,700 | $317,700 |
Source: Ownwell
Property Tax Bills Across King Of Prussia, Pennsylvania
In King of Prussia, Chester County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local millage rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. Homeowners in King of Prussia typically face a median property tax bill of $10,512, which is significantly higher than the national median property tax rate of 0.99%. This high tax bill can be attributed to the relatively high median home price of $317,700 in the area. The substantial property tax burden can impact homeowners by increasing their overall cost of living and potentially affecting their ability to sell or refinance their homes. Understanding how these taxes are calculated helps homeowners better manage their financial planning and property-related expenses.
Average King Of Prussia Tax Bill
$10,512
Average Chester County Tax Bill
$6,037
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across King Of Prussia, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19406 | $10,512 | $10,512 | $10,512 | $10,512 | $10,512 |
Source: Ownwell