Lima, Pennsylvania Property Taxes
The median property tax rate in Lima, PA is 0.13%, significantly lower than the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Lima at $349,400, the typical annual property tax bill is $458, which is well below the national median of $2,690. Property taxes in Lima 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 Lima's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lima or another part of Delaware County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lima, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.13%
Estimate Property Tax Bill
$454
Ownwell’s Lima Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lima with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lima 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 Lima, Pennsylvania
Property taxes in Lima, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lima is 1.44%, significantly higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Lima set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lima 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 Lima's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19070 zip code has the highest median property tax rate of 2.13%, while the 19063 zip code has the lowest median tax rate of 1.22%. Understanding how these cities compare with Lima provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lima Tax Rate
0.13%
Average Delaware County Tax Rate
2.80%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lima, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19037 | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
Source: Ownwell
Property Tax Assessment Values Across Lima, Pennsylvania
In Lima, 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 Delaware 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 Lima, 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 Lima helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lima, the highest and lowest median tax bills are both $458, found in the 19037 zip code, reflecting a consistent tax environment.
Average Lima Assessed Value
$349,400
Average Delaware County Assessed Value
$197,870
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lima, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19037 | $349,400 | $349,400 | $349,400 | $349,400 | $349,400 |
Source: Ownwell
Property Tax Bills Across Lima, Pennsylvania
In Lima, Delaware County, PA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For Lima, the median home price is $349,400, and property tax rates can vary depending on specific local levies and assessments. Homeowners in Lima experience a relatively uniform property tax burden, with the 25th, 75th, and 90th percentiles all seeing tax bills of $458. This consistency indicates a stable tax environment, which can be beneficial for financial planning. Compared to the national median property tax rate of 0.99%, Lima's tax rate appears competitive, potentially making it an attractive location for homeowners. Understanding these factors can help residents anticipate their annual property tax liabilities and manage their household budgets effectively.
Average Lima Tax Bill
$458
Average Delaware County Tax Bill
$5,691
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lima, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19037 | $458 | $458 | $458 | $458 | $458 |
Source: Ownwell