Preston Park, Pennsylvania Property Taxes
The median property tax rate in Preston Park, PA is 2.31%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Preston Park, the typical annual property tax bill reaches $4,028, exceeding the national median of $2,690. Property taxes in Preston Park 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 Preston Park'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 Preston Park 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
Preston Park, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$4,026
Ownwell’s Preston Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston Park 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 Preston Park, Pennsylvania
Property taxes in Preston Park, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston Park is 2.31%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Preston Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston Park 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 Preston Park's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18455 zip code has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these cities compare with Preston Park provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preston Park Tax Rate
2.31%
Average Wayne County Tax Rate
2.19%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preston Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18455 | 2.31% | 2.31% | 2.31% | 2.31% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Preston Park, Pennsylvania
In Preston Park, 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 Wayne 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 Preston Park, 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 Preston Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4028 in zip code 18455, while the lowest median tax bill is also $4028 in the same zip code.
Property Tax Assessment Values Across Preston Park, Pennsylvania
Source: Ownwell
$7,000
$250,600
$494,200
Average Preston Park Assessed Value
$174,300
Average Wayne County Assessed Value
$179,900
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preston Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18455 | $82,140 | $131,500 | $174,300 | $212,000 | $317,160 |
Source: Ownwell
Property Tax Bills Across Preston Park, Pennsylvania
Property tax bills in Preston Park, Wayne County, PA, are determined based on the assessed value of a property, which is a percentage of its market value. The local property tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners, the median home price in Preston Park is $174,300. The tax bill can vary significantly; at the 25th percentile, homeowners may pay around $3,039 annually, while those at the 75th percentile might see bills closer to $4,899. The highest median tax bill recorded in the area is $4,028, which is notably higher than the national median property tax rate of 0.99%. Factors such as property location, improvements, and changes in market conditions can influence the assessed value and, consequently, the tax bill. These property taxes are essential for funding local services, but they can also represent a significant financial burden for homeowners, especially in areas with higher tax rates.
Average Preston Park Tax Bill
$4,028
Average Wayne County Tax Bill
$4,013
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Preston Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18455 | $1,898 | $3,039 | $4,028 | $4,899 | $7,329 |
Source: Ownwell