Newtown Square, Pennsylvania Property Taxes
The median property tax rate in Newtown Square, PA is 3.35%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Newtown Square, the typical annual property tax bill reaches $2,815, exceeding the national median of $2,690. Property taxes in Newtown Square 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 Newtown Square'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 Newtown Square 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
Newtown Square, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.35%
Estimate Property Tax Bill
$2,813
Ownwell’s Newtown Square Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newtown Square with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newtown Square 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 Newtown Square, Pennsylvania
Property taxes in Newtown Square, Pennsylvania, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newtown Square is 1.35%, higher than both the Pennsylvania state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Newtown Square set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newtown Square 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 Newtown Square's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19073 zip code has the highest median property tax rate of 1.35%, while the same 19073 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Newtown Square provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newtown Square Tax Rate
3.35%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newtown Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19073 | 3.35% | 3.35% | 3.35% | 3.35% | 3.35% |
Source: Ownwell
Property Tax Assessment Values Across Newtown Square, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Newtown Square, PA. 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 Newtown Square, 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 Newtown Square helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $2,815 in the 19073 zip code, highlighting the uniformity in tax assessments within the area.
Property Tax Assessment Values Across Newtown Square, Pennsylvania
Source: Ownwell
$33,380
$293,475
$553,570
Average Newtown Square Assessed Value
$83,960
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 Newtown Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19073 | $83,960 | $83,960 | $83,960 | $83,960 | $83,960 |
Source: Ownwell
Property Tax Bills Across Newtown Square, Pennsylvania
In Newtown Square, located in Montgomery County, PA, property tax bills are calculated based on the assessed value of the property. This assessed value is determined by the county assessor and is a percentage of the property's market value. The tax rate, known as the millage rate, is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the assessed value, including the size of the property, the condition of the home, and recent sale prices of similar properties in the area. For homeowners in Newtown Square, the median home price is $83,960, and the median property tax bill is $2,815. This tax bill is significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the area. High property taxes can impact homeowners by increasing the overall cost of owning a home, which may influence decisions on home purchases and long-term financial planning.
Average Newtown Square Tax Bill
$2,815
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Newtown Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19073 | $2,815 | $2,815 | $2,815 | $2,815 | $2,815 |
Source: Ownwell