Elking Rk, Pennsylvania Property Taxes
The median property tax rate in Elking RK, PA is 6.60%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Elking RK, the typical annual property tax bill reaches $9,351, far exceeding the national median of $2,690. Property taxes in Elking RK 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 Elking RK'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 Elking RK 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
Elking Rk, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.6%
Estimate Property Tax Bill
$9,346
Ownwell’s Elking RK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elking RK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elking RK 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 Elking Rk, Pennsylvania
Property taxes in Elking RK, Pennsylvania, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Elking RK is 1.35%, significantly higher than both the Pennsylvania state median of 1.46% and the U.S. national median of 0.99%. Local government entities within Elking RK set these rates annually, and they can vary across different neighborhoods. Each year, Elking RK estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total assessed 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 Elking RK's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19117 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Elking RK provides valuable insights into the varying tax landscape across Montgomery, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elking Rk Tax Rate
6.60%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elking Rk, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19117 | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% |
Source: Ownwell
Property Tax Assessment Values Across Elking Rk, Pennsylvania
In Elking RK, 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 Montgomery 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 Elking RK, 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 Elking RK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Elking RK are both $9351, found in the zip code 19117.
Average Elking Rk Assessed Value
$141,600
Average Montgomery County Assessed Value
$143,105
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elking Rk, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19117 | $141,600 | $141,600 | $141,600 | $141,600 | $141,600 |
Source: Ownwell
Property Tax Bills Across Elking Rk, Pennsylvania
In Elking RK, property tax bills are calculated based on the assessed value of a home, which is determined by the county's tax assessor. The assessed value typically reflects a percentage of the property's market value, considering various factors such as property size, location, and any improvements made. Homeowners in Elking RK, Montgomery County, pay a median property tax rate of 0.99%, aligning with the national median. For a median home price of $141,600, this rate translates into a significant annual tax bill. In fact, the tax bills in Elking RK are notably high, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $9,351. This uniformity suggests a relatively stable property tax structure within the region. The high property tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding how these taxes are calculated can help homeowners better anticipate their annual expenses and manage their budgets more effectively.
Average Elking Rk Tax Bill
$9,351
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Elking Rk, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19117 | $9,351 | $9,351 | $9,351 | $9,351 | $9,351 |
Source: Ownwell