Lower Gwynedd, Pennsylvania Property Taxes
The median property tax rate in Lower Gwynedd, PA is 2.83%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Lower Gwynedd at $440,700, the typical annual property tax bill reaches $12,472, far exceeding the national median of $2,690. Property taxes in Lower Gwynedd 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 Lower Gwynedd'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 Lower Gwynedd 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
Lower Gwynedd, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.83%
Estimate Property Tax Bill
$12,472
Ownwell’s Lower Gwynedd Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lower Gwynedd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lower Gwynedd 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 Lower Gwynedd, Pennsylvania
Property taxes in Lower Gwynedd, PA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lower Gwynedd is 1.57%, which is higher than both the Pennsylvania state median of 1.46% and the U.S. national median of 0.99%. Local government entities within Lower Gwynedd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lower Gwynedd 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 Lower Gwynedd's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19002 zip code has the highest median property tax rate of 1.57%, while the same zip code also represents the lowest median tax rate of 1.57%. Understanding how these cities compare with Lower Gwynedd 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 Lower Gwynedd Tax Rate
2.83%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lower Gwynedd, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19002 | 2.83% | 2.83% | 2.83% | 2.83% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Lower Gwynedd, Pennsylvania
In Lower Gwynedd, 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 Lower Gwynedd, 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 Lower Gwynedd helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Lower Gwynedd is 19002, both valued at $12,472.
Property Tax Assessment Values Across Lower Gwynedd, Pennsylvania
Source: Ownwell
$33,380
$293,475
$553,570
Average Lower Gwynedd Assessed Value
$440,700
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 Lower Gwynedd, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19002 | $350,680 | $356,190 | $440,700 | $804,410 | $844,200 |
Source: Ownwell
Property Tax Bills Across Lower Gwynedd, Pennsylvania
In Lower Gwynedd, Montgomery County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is a percentage of the property's market value. Homeowners in Lower Gwynedd typically face property tax bills that vary significantly, with the 25th percentile paying around $10,080 and the 75th percentile facing bills of up to $22,765. The tax bill for homes in the 90th percentile can reach $23,890. These property taxes are influenced by various factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the highest median tax bill in the area is $12,472, found in the 19002 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Lower Gwynedd experience higher property tax rates, which can significantly impact their annual housing costs. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Lower Gwynedd Tax Bill
$12,472
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lower Gwynedd, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19002 | $9,925 | $10,080 | $12,472 | $22,765 | $23,890 |
Source: Ownwell