Wayne, Pennsylvania Property Taxes
The median property tax rate in Wayne, PA is 1.94%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Wayne at $557,050, the typical annual property tax bill reaches $10,777, significantly exceeding the national median of $2,690. Property taxes in Wayne 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 Wayne'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 Wayne 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
Wayne, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$10,807
Ownwell’s Wayne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wayne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wayne 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 Wayne, Pennsylvania
Property taxes in Wayne, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayne is 1.94%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wayne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayne 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 Wayne's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 19087 has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these cities compare with Wayne 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 Wayne Tax Rate
1.94%
Average Delaware County Tax Rate
2.80%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayne, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19087 | 1.94% | 1.94% | 1.94% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Wayne, Pennsylvania
In Wayne, 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 Wayne, 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 Wayne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Wayne's highest and lowest median tax bills are both $10,777, found in the 19087 zip code.
Average Wayne Assessed Value
$557,050
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 Wayne, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19087 | $213,440 | $380,370 | $557,050 | $835,605 | $1,164,800 |
Source: Ownwell
Property Tax Bills Across Wayne, Pennsylvania
In Wayne, PA, located in Delaware County, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For instance, Wayne's median home price stands at $557,050. The median property tax bill in Wayne is approximately $10,777, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's location, size, and condition. In Wayne, tax bills can vary considerably, with the 25th percentile tax bill around $7,365 and the 75th percentile reaching up to $16,106. At the 90th percentile, homeowners could see tax bills as high as $22,531. These property taxes can significantly impact homeowners, affecting their monthly budgets and overall cost of living. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Wayne Tax Bill
$10,777
Average Delaware County Tax Bill
$5,691
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayne, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19087 | $4,144 | $7,365 | $10,777 | $16,106 | $22,531 |
Source: Ownwell