Newtown, Pennsylvania Property Taxes
The median property tax rate in Newtown, PA is 1.60%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Newtown, the typical annual property tax bill reaches $6,665, exceeding the national median of $2,690. Property taxes in Newtown 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 Newtown'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 Newtown 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, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$6,604
Ownwell’s Newtown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newtown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newtown 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, Pennsylvania
Property taxes in Newtown, 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 is 1.60%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Newtown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newtown 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's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18940 zip code has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Newtown provides valuable insights into the varying tax landscape across Bucks County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newtown Tax Rate
1.60%
Average Bucks County Tax Rate
1.91%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newtown, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18940 | 1.56% | 1.60% | 1.60% | 1.60% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Newtown, Pennsylvania
In Newtown, 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 Bucks 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. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Newtown, the highest median tax bill is $6,665 in the 18940 zip code, while the lowest median tax bill is also $6,665 in the same zip code.
Average Newtown Assessed Value
$412,766
Average Bucks County Assessed Value
$300,000
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newtown, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18940 | $224,681 | $300,053 | $412,766 | $634,308 | $917,447 |
Source: Ownwell
Property Tax Bills Across Newtown, Pennsylvania
In Newtown, Bucks County, PA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of the property. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Newtown, the median home price stands at $412,766. Tax bills can vary significantly, with the 25th percentile paying around $4,795 annually, while those in the 75th percentile face bills of approximately $10,397. The 90th percentile sees even higher tax bills, reaching up to $15,408. The highest and lowest median tax bills in Newtown are both $6,665, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community’s quality of life. Homeowners should be aware of these factors when budgeting for property ownership in Newtown.
Average Newtown Tax Bill
$6,665
Average Bucks County Tax Bill
$5,548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Newtown, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18940 | $3,571 | $4,795 | $6,665 | $10,397 | $15,408 |
Source: Ownwell