Elm, Pennsylvania Property Taxes
The median property tax rate in Elm, PA, is 1.94%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Elm, the typical annual property tax bill reaches $3,335, exceeding the national median of $2,690. Property taxes in Elm 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 Elm'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 Elm or another part of Lancaster County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elm, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$3,327
-$34,868
Ownwell’s ELM Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELM with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELM 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 Elm, Pennsylvania
Property taxes in ELM, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in ELM is 1.94%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within ELM set these rates annually, and they can vary significantly across different neighborhoods. Each year, ELM 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 ELM's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 17521 zip code has both the highest and lowest median property tax rate of 1.94%. Understanding how these areas compare with ELM provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elm Tax Rate
1.94%
Average Lancaster County Tax Rate
2.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elm, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17521 | 1.94% | 1.94% | 1.94% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Elm, Pennsylvania
In ELM, 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 Lancaster 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 ELM, 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. The median home price in ELM is $171,500, with tax bills ranging from $2,835 at the 25th percentile to $4,134 at the 90th percentile. The zip code with the highest and lowest median tax bill is 17521, with a median tax bill of $3,335. Being aware of these valuation processes in ELM helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elm Assessed Value
$171,500
Average Lancaster County Assessed Value
$177,300
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elm, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17521 | $130,380 | $145,800 | $171,500 | $197,200 | $212,620 |
Source: Ownwell
Property Tax Bills Across Elm, Pennsylvania
In ELM, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The tax rate is then applied to this assessed value to compute the final tax bill. For instance, with a median home price of $171,500, homeowners in ELM can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property location, size, and improvements influence the assessed value. In ELM, tax bills range significantly; at the 25th percentile, homeowners might pay around $2,835, while those in the 75th percentile could see bills as high as $3,834. The top 10% of taxpayers might face bills upwards of $4,134. These property tax bills can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting their decisions on property improvements or even relocation. Comparing this to the national median property tax rate of 0.99%, ELM's rates highlight the importance of understanding local tax dynamics.
Average Elm Tax Bill
$3,335
Average Lancaster County Tax Bill
$3,883
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Elm, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17521 | $2,535 | $2,835 | $3,335 | $3,834 | $4,134 |
Source: Ownwell