Palm, Pennsylvania Property Taxes
The median property tax rate in PALM, PA is 3.19%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $126,735 in PALM, the typical annual property tax bill reaches $3,978, far exceeding the national median of $2,690. Property taxes in PALM are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding PALM'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 PALM 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
Palm, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.19%
Estimate Property Tax Bill
$4,043
Ownwell’s PALM Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in PALM with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in PALM to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Palm, Pennsylvania
Property taxes in Palm, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palm is 1.35%, significantly higher than both the Pennsylvania state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Palm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palm 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 Palm's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18070 zip code has the highest median property tax rate of 1.35%, while the 18070 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Palm 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 Palm Tax Rate
3.19%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palm, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18070 | 3.19% | 3.19% | 3.19% | 3.19% | 3.19% |
Source: Ownwell
Property Tax Assessment Values Across Palm, Pennsylvania
In Palm, 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. Assessment notices in Palm 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 Palm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Montgomery County is $3,978 in the 18070 zip code, while the lowest median tax bill is also $3,978 in the same zip code.
Average Palm Assessed Value
$126,735
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 Palm, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18070 | $83,372 | $108,940 | $126,735 | $155,775 | $211,897 |
Source: Ownwell
Property Tax Bills Across Palm, Pennsylvania
In the city of Palm, 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 local tax assessor and reflects a percentage of the property's market value. Homeowners in Palm can expect their property tax bills to be influenced by several factors, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, with a median home price of $126,735, property tax bills can vary significantly. The 25th percentile of tax bills is around $3,407, while the 75th percentile reaches $4,757, and the 90th percentile can go up to $6,096. This range indicates how different property values and assessment practices impact what homeowners ultimately pay. Compared to the national median property tax rate of 0.99%, homeowners in Palm may find their tax bills higher or lower depending on the assessed value and the specific rates set by local authorities. Understanding these elements is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Palm Tax Bill
$3,978
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Palm, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18070 | $2,601 | $3,407 | $3,978 | $4,757 | $6,096 |
Source: Ownwell