Solebury, Pennsylvania Property Taxes
The median property tax rate in Solebury, PA is 1.50%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Solebury at $480,000, the typical annual property tax bill reaches $7,196, exceeding the national median of $2,690. Property taxes in Solebury 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 Solebury'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 Solebury 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
Solebury, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$7,200
Ownwell’s Solebury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Solebury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Solebury 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 Solebury, Pennsylvania
Property taxes in Solebury, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Solebury is 1.50%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Solebury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Solebury 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 Solebury's effective property tax rate to other areas in Bucks County and the national median. For comparison, the 18963 zip code has the highest median property tax rate of 1.50%, while the same zip code also has the lowest median tax rate of 1.50%. Understanding how these areas compare with Solebury 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 Solebury Tax Rate
1.50%
Average Bucks County Tax Rate
1.91%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solebury, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18963 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Solebury, Pennsylvania
In Solebury, 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. In Solebury, 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 Solebury 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 is 18963, with a median tax bill of $7,196.
Average Solebury Assessed Value
$480,000
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 Solebury, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18963 | $323,341 | $348,936 | $480,000 | $710,638 | $1,318,298 |
Source: Ownwell
Property Tax Bills Across Solebury, Pennsylvania
In Solebury, Bucks County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence this calculation, including the home's market value, any applicable exemptions, and the specific tax rate set by local authorities. For homeowners in Solebury, the median home price is $480,000. Property tax bills can vary significantly, with the 25th percentile bill at $5,231 and the 75th percentile reaching $10,654. The 90th percentile tax bill can climb as high as $19,765, reflecting the range of property values and assessments in the area. The highest and lowest median tax bills in Solebury are both $7,196, indicating a relatively uniform tax rate within the zip code 18963. Compared to the national median property tax rate of 0.99%, Solebury's property taxes may seem high, impacting homeowners' annual expenses considerably.
Average Solebury Tax Bill
$7,196
Average Bucks County Tax Bill
$5,548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Solebury, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18963 | $4,848 | $5,231 | $7,196 | $10,654 | $19,765 |
Source: Ownwell