Oaks, Pennsylvania Property Taxes
The median property tax rate in Oaks, PA is 3.68%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Oaks at $127,010, the typical annual property tax bill reaches $4,681, exceeding the national median of $2,690. Property taxes in Oaks 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 Oaks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oaks 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
Oaks, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.68%
Estimate Property Tax Bill
$4,674
Ownwell’s Oaks Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and prospective buyers looking to estimate their annual property taxes in Oaks. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Oaks to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making it easier for you to plan your finances. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Oaks, Pennsylvania
Property taxes in Oaks, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oaks is 1.55%, which is significantly higher than both the Pennsylvania state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Oaks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oaks 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 Oaks' effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19456 zip code has the highest median property tax rate of 1.55%, while the 19456 zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Oaks provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oaks Tax Rate
3.68%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oaks, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19456 | 3.68% | 3.68% | 3.68% | 3.68% | 3.68% |
Source: Ownwell
Property Tax Assessment Values Across Oaks, Pennsylvania
In Oaks, 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 Oaks, 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 Oaks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Oaks is $4,681 in the 19456 zip code, while the lowest median tax bill is also $4,681 in the same zip code.
Average Oaks Assessed Value
$127,010
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 Oaks, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19456 | $104,234 | $114,440 | $127,010 | $160,175 | $215,716 |
Source: Ownwell
Property Tax Bills Across Oaks, Pennsylvania
In Oaks, located in Montgomery County, PA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county's property assessor and is typically a percentage of the home's market value. For instance, the median home price in Oaks is $127,010. Homeowners in this area can expect their annual property tax bills to vary significantly; the 25th percentile tax bill is around $4,212, while the 75th percentile tax bill reaches $5,894. At the higher end, the 90th percentile tax bill can be as much as $7,938. Several factors influence these tax bills, including the property’s assessed value, the local tax rate, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in Oaks may find their tax rates to be relatively high, impacting their overall housing costs. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Oaks Tax Bill
$4,681
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Oaks, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19456 | $3,836 | $4,212 | $4,681 | $5,894 | $7,938 |
Source: Ownwell