Cheltenham, Pennsylvania Property Taxes
The median property tax rate in Cheltenham, PA is 6.60%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Cheltenham, the typical annual property tax bill reaches $8,176, far exceeding the national median of $2,690. Property taxes in Cheltenham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cheltenham'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 Cheltenham or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cheltenham, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.6%
Estimate Property Tax Bill
$8,183
Ownwell’s Cheltenham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cheltenham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cheltenham 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 Cheltenham, Pennsylvania
Property taxes in Cheltenham, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cheltenham is 6.60%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Cheltenham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cheltenham 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 Cheltenham's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19012 zip code has the highest median property tax rate of 6.60%, while the same 19012 zip code also has the lowest median tax rate of 6.60%. Understanding how these cities compare with Cheltenham provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cheltenham Tax Rate
6.60%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cheltenham, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19012 | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% |
Source: Ownwell
Property Tax Assessment Values Across Cheltenham, Pennsylvania
In Cheltenham, 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 Montgomery 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 Cheltenham, 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. The median home price here is $123,980, and understanding the distinction between these valuation concepts helps property owners better navigate their tax responsibilities. For instance, the zip code with the highest median tax bill is 19012 at $8,176, which is the same as the lowest median tax bill. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Cheltenham, Pennsylvania
Source: Ownwell
$33,380
$293,475
$553,570
Average Cheltenham Assessed Value
$123,980
Average Montgomery County Assessed Value
$143,105
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cheltenham, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19012 | $87,092 | $106,665 | $123,980 | $149,170 | $178,602 |
Source: Ownwell
Property Tax Bills Across Cheltenham, Pennsylvania
In Cheltenham, located in Montgomery County, PA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local authorities. For homeowners in Cheltenham, the median home price is $123,980. Property tax bills can vary significantly, with the 25th percentile at $7,000 and the 75th percentile reaching $9,836. The 90th percentile tax bill can go as high as $11,790, indicating a wide range of property tax burdens depending on the assessed value and specific local tax rates. Compared to the national median property tax rate of 0.99%, Cheltenham's property tax rates can be considerably higher. This can significantly impact homeowners, as higher property taxes can increase the overall cost of owning a home. Understanding how these factors interplay is crucial for homeowners to effectively manage their finances and anticipate their annual tax obligations.
Average Cheltenham Tax Bill
$8,176
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Cheltenham, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19012 | $5,740 | $7,000 | $8,176 | $9,836 | $11,790 |
Source: Ownwell