Palmyra, Pennsylvania Property Taxes
The median property tax rate in Palmyra, PA is 2.22%, 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 $4,114, 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 Lebanon County, 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
2.22%
Estimate Property Tax Bill
$4,025
Ownwell’s Palmyra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Palmyra, Pennsylvania
Property taxes in Palmyra, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 2.22%, 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 areas in Pennsylvania and the national median. For comparison, the 17078 zip code in Palmyra has the highest median property tax rate of 2.22%, while the same zip code also represents the lowest median tax rate of 2.22%. Understanding how these figures compare with Palmyra provides valuable insights into the varying tax landscape across Lebanon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmyra Tax Rate
2.22%
Average Lebanon County Tax Rate
2.19%
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 | 2.17% | 2.17% | 2.22% | 2.46% | 2.46% |
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 Lebanon 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 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. Being aware of these valuation processes in Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Palmyra are both $4,114, found in the 17078 zip code.
Average Palmyra Assessed Value
$181,313
Average Lebanon County Assessed Value
$159,855
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 | $111,190 | $138,782 | $181,313 | $243,248 | $307,802 |
Source: Ownwell
Property Tax Bills Across Palmyra, Pennsylvania
In Palmyra, Lebanon County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For example, the median home price in Palmyra is $181,313, and homeowners can expect a tax bill around the median national property tax rate of 0.99%. However, actual tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $3,204, while at the 75th percentile, it rises to $5,410. At the 90th percentile, homeowners might pay as much as $6,747 annually. The highest and lowest median tax bills both stand at $4,114 in the 17078 zip code. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Palmyra.
Average Palmyra Tax Bill
$4,114
Average Lebanon County Tax Bill
$3,511
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 | $2,567 | $3,204 | $4,114 | $5,410 | $6,747 |
Source: Ownwell