Gap, Pennsylvania Property Taxes
The median property tax rate in GAP, PA is 4.75%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in GAP, the typical annual property tax bill reaches $6,274, exceeding the national median of $2,690. Property taxes in GAP 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 GAP'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 GAP 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
Gap, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.75%
Estimate Property Tax Bill
$6,543
Ownwell’s GAP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GAP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GAP 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 Gap, Pennsylvania
Property taxes in GAP, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in GAP is 4.75%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within GAP set these rates annually, and they can vary significantly across different neighborhoods. Each year, GAP 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 GAP's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 17527 zip code has the same highest median property tax rate of 4.75%. Understanding how these cities compare with GAP provides valuable insights into the varying tax landscape across Chester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gap Tax Rate
4.75%
Average Chester County Tax Rate
3.50%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gap, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17527 | 3.38% | 4.39% | 4.75% | 4.99% | 5.15% |
Source: Ownwell
Property Tax Assessment Values Across Gap, Pennsylvania
In GAP, 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 Chester 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 GAP, 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 GAP helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 17527 has the highest median tax bill, amounting to $6,274.
Average Gap Assessed Value
$137,755
Average Chester County Assessed Value
$166,835
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gap, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17527 | $89,760 | $113,215 | $137,755 | $183,698 | $241,996 |
Source: Ownwell
Property Tax Bills Across Gap, Pennsylvania
In GAP, Chester County, PA, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. Homeowners in GAP face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $5,237, while the 75th percentile climbs to $8,886, and the 90th percentile reaches $10,682. These figures are notably higher than the national median property tax rate of 0.99%. The median home price in GAP is approximately $137,755, which means homeowners could be paying a substantial amount in property taxes relative to their property’s value. Factors influencing the tax bill include changes in property values, local tax rates, and any applicable exemptions or appeals. This high property tax burden can significantly impact homeowners, influencing their overall cost of living and potentially affecting decisions on buying or selling property in the area.
Average Gap Tax Bill
$6,274
Average Chester County Tax Bill
$6,037
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Gap, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17527 | $3,944 | $5,237 | $6,274 | $8,886 | $10,682 |
Source: Ownwell