Milford Square, Pennsylvania Property Taxes
The median property tax rate in Milford Square, PA is 1.88%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Milford Square at $203,989, the typical annual property tax bill reaches $3,828, exceeding the national median of $2,690. Property taxes in Milford 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 Milford 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 Milford 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
Milford Square, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$3,835
Ownwell’s Milford Square Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford Square with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford Square, Pennsylvania
Property taxes in Milford Square, PA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford Square is 1.88%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Milford Square set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford Square's effective property tax rate to other areas in Bucks County and the national median. For comparison, the zip code 18935 has the highest median property tax rate of 1.88%, while the same zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Milford Square provides valuable insights into the varying tax landscape across Bucks County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Square Tax Rate
1.88%
Average Bucks County Tax Rate
1.91%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18935 | 1.88% | 1.88% | 1.88% | 1.88% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Milford Square, Pennsylvania
In Milford Square, 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 Bucks 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 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. The zip code 18935 has the highest median tax bill at $3,828, which is notably higher than the national median property tax rate of 0.99%. Being aware of these valuation processes in Milford Square helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Milford Square, Pennsylvania
Source: Ownwell
$172,340
$489,787
$807,234
Average Milford Square Assessed Value
$203,989
Average Bucks County Assessed Value
$300,000
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18935 | $108,511 | $134,042 | $203,989 | $270,824 | $313,617 |
Source: Ownwell
Property Tax Bills Across Milford Square, Pennsylvania
In Milford Square, Bucks County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. The median home price in this area is $203,989. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $2,516 and the 75th percentile reaching $5,083. At the higher end, the 90th percentile tax bill is $5,886. These figures indicate that property taxes can be a substantial financial consideration for homeowners. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in Milford Square may find their tax rates to be relatively high or low depending on their specific circumstances. This variability can impact household budgets, making it crucial for homeowners to understand how their property taxes are calculated and to explore any available exemptions to potentially lower their tax burden.
Average Milford Square Tax Bill
$3,828
Average Bucks County Tax Bill
$5,548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18935 | $2,037 | $2,516 | $3,828 | $5,083 | $5,886 |
Source: Ownwell