Milford, Pennsylvania Property Taxes
The median property tax rate in Milford, PA is 3.72%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $117,439 in Milford, the typical annual property tax bill reaches $4,421, exceeding the national median of $2,690. Property taxes in Milford are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milford'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 Milford or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milford, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.72%
Estimate Property Tax Bill
$4,369
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Pennsylvania
Property taxes in Milford, Pennsylvania, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 3.72%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18337 zip code has both the highest and lowest median property tax rate of 3.72%. Understanding how these areas compare with Milford provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
3.72%
Average Pike County Tax Rate
3.72%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18337 | 3.72% | 3.72% | 3.72% | 3.72% | 4.02% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milford, 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 Pike 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 Milford, 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. For instance, Milford has a median home price of $117,439, with tax bills ranging from $3,537 at the 25th percentile to $6,783 at the 90th percentile. The zip code 18337 has the highest and lowest median tax bill, both at $4,421. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milford Assessed Value
$117,439
Average Pike County Assessed Value
$106,483
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18337 | $75,240 | $93,716 | $117,439 | $147,897 | $178,161 |
Source: Ownwell
Property Tax Bills Across Milford, Pennsylvania
In Milford, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. This assessed value is then multiplied by the local property tax rate to generate the annual tax bill. Factors such as the property's location, size, and condition are considered during the assessment process. For homeowners in Milford, the median home price is $117,439. Property tax bills can vary significantly, with the 25th percentile at $3,537 and the 75th percentile at $5,590. At the 90th percentile, homeowners can expect to pay around $6,783 annually. These figures are higher than the national median property tax rate of 0.99%, reflecting the local tax rate's impact on residents. High property taxes can affect homeowners by increasing the overall cost of owning a home and potentially influencing decisions related to property investments and home improvements. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Milford Tax Bill
$4,421
Average Pike County Tax Bill
$3,676
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18337 | $2,764 | $3,537 | $4,421 | $5,590 | $6,783 |
Source: Ownwell