Elverson, Pennsylvania Property Taxes
The median property tax rate in Elverson, PA is 1.58%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Elverson, the typical annual property tax bill reaches $1,476, exceeding the national median of $2,690. Property taxes in Elverson 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 Elverson'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 Elverson 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
Elverson, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$1,479
-$15,499
Ownwell’s Elverson Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Elverson. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Elverson to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more granular insights, localized trends are available further down the page. Your property’s assessed value, determined by Lancaster County, is used for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Elverson, Pennsylvania
Property taxes in Elverson, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elverson is 1.58%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Elverson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elverson 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 Elverson's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 19520 has the highest median property tax rate of 1.58%, while the same zip code also has the lowest median tax rate of 1.58%. Understanding how these cities compare with Elverson 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 Elverson Tax Rate
1.58%
Average Lancaster County Tax Rate
2.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elverson, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19520 | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Elverson, Pennsylvania
In Elverson, 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 Elverson, 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 Elverson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 19520, with a median bill of $1,476, while the lowest is also 19520 with the same median bill of $1,476.
Average Elverson Assessed Value
$93,600
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 Elverson, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19520 | $28,880 | $53,150 | $93,600 | $97,500 | $99,840 |
Source: Ownwell
Property Tax Bills Across Elverson, Pennsylvania
In Elverson, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Elverson is $93,600. To determine your tax bill, local authorities first establish the assessed value of your property, which is typically a percentage of the market value. This assessed value is then multiplied by the local tax rate to calculate your annual property tax bill. For homeowners in Elverson, the 25th percentile tax bill is $838, while the 75th percentile reaches $1,538, and the 90th percentile is $1,575. Comparatively, the national median property tax rate is 0.99%, which can help put these figures into perspective. The highest and lowest median tax bills in the area both stand at $1,476, indicating a relatively consistent tax landscape. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses and overall financial planning.
Average Elverson Tax Bill
$1,476
Average Lancaster County Tax Bill
$3,883
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Elverson, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19520 | $456 | $838 | $1,476 | $1,538 | $1,575 |
Source: Ownwell