Kennett Square, Pennsylvania Property Taxes
The median property tax rate in Kennett Square, PA is 3.92%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With a median home value of $192,860 in Kennett Square, the typical annual property tax bill reaches $7,581, far exceeding the national median of $2,690. Property taxes in Kennett Square 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 Kennett Square'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 Kennett Square 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
Kennett Square, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.92%
Estimate Property Tax Bill
$7,560
Ownwell’s Kennett Square Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kennett Square with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kennett Square 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 Kennett Square, Pennsylvania
Property taxes in Kennett Square, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kennett Square is 1.35%, which is higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Kennett Square set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kennett Square 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 Kennett Square's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19348 zip code has the highest median property tax rate of 1.35%, while the same 19348 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Kennett Square provides valuable insights into the varying tax landscape across Chester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kennett Square Tax Rate
3.92%
Average Chester County Tax Rate
3.50%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kennett Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19348 | 3.71% | 3.87% | 3.92% | 4.00% | 4.72% |
Source: Ownwell
Property Tax Assessment Values Across Kennett Square, Pennsylvania
In Kennett Square, 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 Chester 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 Kennett Square, 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. For instance, the highest median tax bill in Kennett Square is $7,581 in the 19348 zip code, while the lowest median tax bill is also $7,581 in the same zip code. 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 Kennett Square helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Kennett Square, Pennsylvania
Source: Ownwell
$17,490
$208,860
$400,230
Average Kennett Square Assessed Value
$192,860
Average Chester County Assessed Value
$166,835
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kennett Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19348 | $100,609 | $129,718 | $192,860 | $256,385 | $338,910 |
Source: Ownwell
Property Tax Bills Across Kennett Square, Pennsylvania
In Kennett Square, Chester 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 market value, which is periodically reassessed to reflect current market conditions. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Kennett Square face a median property tax rate that is significantly higher than the national median of 0.99%. With a median home price of $192,860, homeowners can expect varying tax bills based on their property's assessed value. At the 25th percentile, tax bills are around $5,497, while at the 75th percentile, they can reach up to $10,055. The 90th percentile sees tax bills as high as $13,076. These substantial tax bills can impact homeowners' financial planning and housing affordability. The highest and lowest median tax bills in the area are both $7,581, highlighting the consistency in tax assessments within this specific zip code.
Average Kennett Square Tax Bill
$7,581
Average Chester County Tax Bill
$6,037
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Kennett Square, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19348 | $4,291 | $5,497 | $7,581 | $10,055 | $13,076 |
Source: Ownwell