Palmyra, Pennsylvania Property Taxes
The median property tax rate in Palmyra, PA is 2.66%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Palmyra, the typical annual property tax bill reaches $3,356, exceeding the national median of $2,690. Property taxes in Palmyra 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 Palmyra'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 Palmyra 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
Palmyra, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$3,316
Ownwell’s Palmyra Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra 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 Dauphin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Palmyra, Pennsylvania
Property taxes in Palmyra, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 2.66%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 17078 zip code has both the highest and lowest median property tax rate of 2.66%. Understanding how these cities compare with Palmyra provides valuable insights into the varying tax landscape across Dauphin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmyra Tax Rate
2.66%
Average Dauphin County Tax Rate
2.88%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmyra, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17078 | 2.66% | 2.66% | 2.66% | 2.88% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Pennsylvania
In Palmyra, 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 Dauphin County Assessor's 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 Palmyra, 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. For instance, the highest median tax bill in Palmyra is $3,356 in the 17078 zip code. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palmyra Assessed Value
$124,650
Average Dauphin County Assessed Value
$99,700
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmyra, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17078 | $72,250 | $90,400 | $124,650 | $196,000 | $263,950 |
Source: Ownwell
Property Tax Bills Across Palmyra, Pennsylvania
In Palmyra, located in Dauphin County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. Homeowners in Palmyra experience a range of property tax bills. For example, the tax bill at the 25th percentile is $2,559, while at the 75th percentile, it reaches $5,228. At the 90th percentile, homeowners may see tax bills as high as $7,060. The median home price in the area is $124,650, which helps contextualize these tax bills. Compared to the national median property tax rate of 0.99%, Palmyra's property tax rates can be seen as relatively high, which can significantly impact homeowners' annual financial planning and overall cost of living.
Average Palmyra Tax Bill
$3,356
Average Dauphin County Tax Bill
$3,037
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmyra, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17078 | $2,083 | $2,559 | $3,356 | $5,228 | $7,060 |
Source: Ownwell