Richboro, Pennsylvania Property Taxes
The median property tax rate in Richboro, PA is 1.71%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Richboro, the typical annual property tax bill reaches $7,305, exceeding the national median of $2,690. Property taxes in Richboro 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 Richboro'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 Richboro or another part of Bucks County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richboro, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$7,313
Ownwell’s RICHBORO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RICHBORO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICHBORO 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 Richboro, Pennsylvania
Property taxes in Richboro, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richboro is 1.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Richboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richboro 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 Richboro's effective property tax rate to other areas in Bucks County and the national median. For comparison, the zip code 18954 has the highest median property tax rate of 1.71%, while the same zip code also has the lowest median tax rate of 1.71%. Understanding how these rates compare with Richboro 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 Richboro Tax Rate
1.71%
Average Bucks County Tax Rate
1.91%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richboro, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18954 | 1.71% | 1.71% | 1.71% | 1.71% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Richboro, Pennsylvania
In Richboro, 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 Richboro, 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 Richboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Richboro is $427,660, with tax bills ranging from $6,172 at the 25th percentile to $11,832 at the 90th percentile. The zip code with the highest median tax bill is 18954, amounting to $7,305.
Average Richboro Assessed Value
$427,660
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 Richboro, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18954 | $302,128 | $361,702 | $427,660 | $576,223 | $694,405 |
Source: Ownwell
Property Tax Bills Across Richboro, Pennsylvania
Property tax bills in Richboro, located in Bucks County, PA, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect a percentage of the property's market value. In Richboro, the median home price is $427,660, which plays a significant role in determining the tax bill. Various factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Richboro experience a range of tax bills, with the 25th percentile at $6,172 and the 75th percentile at $9,800. At the higher end, the 90th percentile tax bill reaches $11,832. The median property tax bill in Richboro stands at $7,305, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in the area.
Average Richboro Tax Bill
$7,305
Average Bucks County Tax Bill
$5,548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Richboro, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18954 | $5,172 | $6,172 | $7,305 | $9,800 | $11,832 |
Source: Ownwell