Prospect Park, Pennsylvania Property Taxes
The median property tax rate in Prospect Park, PA is 3.37%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $154,980, the typical annual property tax bill in Prospect Park reaches $5,215, far exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence exemption. Understanding Prospect 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 Prospect 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
Prospect Park, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.37%
Estimate Property Tax Bill
$5,223
Ownwell’s Prospect Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect 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 Prospect Park, Pennsylvania
Property taxes in Prospect 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 Prospect Park is 3.37%, significantly higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Prospect Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect 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 Prospect Park's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19076 zip code has the highest median property tax rate of 3.37%, while the same zip code also has the lowest median tax rate of 3.37%. Understanding how these cities compare with Prospect Park 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 Prospect Park Tax Rate
3.37%
Average Delaware County Tax Rate
2.80%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19076 | 3.37% | 3.37% | 3.37% | 3.37% | 3.37% |
Source: Ownwell
Property Tax Assessment Values Across Prospect Park, Pennsylvania
In Prospect 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 Delaware 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 Prospect 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 Prospect Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Prospect Park is $154,980, with tax bills ranging from $4,817 at the 25th percentile to $6,846 at the 90th percentile. The zip code 19076 has the highest and lowest median tax bill, both at $5,215.
Property Tax Assessment Values Across Prospect Park, Pennsylvania
Source: Ownwell
$21,600
$706,300
$1,391,000
Average Prospect Park Assessed Value
$154,980
Average Delaware County Assessed Value
$197,870
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prospect Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19076 | $135,562 | $143,195 | $154,980 | $176,390 | $204,726 |
Source: Ownwell
Property Tax Bills Across Prospect Park, Pennsylvania
In Prospect Park, Delaware County, PA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by county assessors and reflects a percentage of the property's market value. For homeowners in Prospect Park, the median home price is $154,980. The tax bill can vary significantly, with the 25th percentile at $4,817 and the 75th percentile at $5,933, indicating a range of possibilities based on property values and tax rates. The highest median tax bill in the area is $5,215, which is notably higher than the national median property tax rate of 0.99%. These tax bills are influenced by factors such as local government budgets, school district funding needs, and infrastructure projects. High property taxes can impact homeowners by increasing their annual expenses, which may affect their overall financial planning and home affordability. Understanding these factors is crucial for homeowners to anticipate their financial obligations and plan accordingly.
Average Prospect Park Tax Bill
$5,215
Average Delaware County Tax Bill
$5,691
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19076 | $4,558 | $4,817 | $5,215 | $5,933 | $6,846 |
Source: Ownwell