Newtown Square, Pennsylvania Property Taxes
The median property tax rate in Newtown Square, PA is 2.64%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $213,170, the typical annual property tax bill in Newtown Square reaches $5,605, far exceeding the national median of $2,690. Property taxes in Newtown Square are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Newtown Square's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Newtown 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
Newtown Square, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.64%
Estimate Property Tax Bill
$5,628
Ownwell’s Newtown Square Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newtown Square with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newtown 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 Newtown Square, Pennsylvania
Property taxes in Newtown Square, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newtown Square is 2.64%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Newtown Square set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newtown 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 Newtown Square's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 19073 has the highest median property tax rate of 2.64%, while the lowest median tax rate is also 2.64%. Understanding how these cities compare with Newtown Square provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newtown Square Tax Rate
2.64%
Average Chester County Tax Rate
3.50%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newtown Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19073 | 2.56% | 2.64% | 2.64% | 2.64% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Newtown Square, Pennsylvania
In Newtown 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 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 Newtown 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. Being aware of these valuation processes in Newtown Square helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 19073 in Newtown Square has the highest median tax bill at $5,605.
Property Tax Assessment Values Across Newtown Square, Pennsylvania
Source: Ownwell
$17,490
$208,860
$400,230
Average Newtown Square Assessed Value
$213,170
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 Newtown Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19073 | $141,400 | $158,590 | $213,170 | $253,212 | $430,640 |
Source: Ownwell
Property Tax Bills Across Newtown Square, Pennsylvania
In Newtown Square, Chester County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate, also known as the millage rate, is then applied to this assessed value to calculate the tax bill. Key factors influencing the tax bill include the property's assessed value and the local tax rate. For homeowners in Newtown Square, the median home price is $213,170. Property tax bills can vary significantly, with the 25th percentile tax bill at $4,178, the 75th percentile at $6,599, and the 90th percentile reaching up to $11,241. The median tax bill in Newtown Square is $5,605, which is notably higher than the national median property tax rate of 0.99%. This higher tax burden can impact homeowners by increasing their annual expenses, which may affect their overall financial planning and housing affordability. Understanding these factors can help homeowners anticipate their property tax obligations and budget accordingly.
Average Newtown Square Tax Bill
$5,605
Average Chester County Tax Bill
$6,037
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Newtown Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19073 | $3,730 | $4,178 | $5,605 | $6,599 | $11,241 |
Source: Ownwell