Olney, Pennsylvania Property Taxes
The median property tax rate in Olney, PA is 3.73%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Olney at $128,200, the typical annual property tax bill reaches $4,780, exceeding the national median of $2,690. Property taxes in Olney 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 Olney'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 Olney 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
Olney, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.73%
Estimate Property Tax Bill
$4,782
-$50,114
Ownwell’s Olney Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Olney. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Olney 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 detailed insights, you can scroll down to explore trends on a neighborhood level. Remember, your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Olney, Pennsylvania
Property taxes in Olney, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olney is 1.55%, higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Olney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olney 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 Olney's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19120 zip code has the highest median property tax rate of 1.55%, while the 19120 zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Olney 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 Olney Tax Rate
3.73%
Average Lancaster County Tax Rate
2.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olney, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20832 | 3.73% | 3.73% | 3.73% | 3.73% | 3.73% |
Source: Ownwell
Property Tax Assessment Values Across Olney, Pennsylvania
In Olney, 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 Appraisal District 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 Olney, 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 Olney 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 bills is 20832, both recorded at $4,780 annually.
Average Olney Assessed Value
$128,200
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 Olney, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20832 | $128,200 | $128,200 | $128,200 | $128,200 | $128,200 |
Source: Ownwell
Property Tax Bills Across Olney, Pennsylvania
In Olney, Lancaster County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $128,200, homeowners can expect their tax bills to be significant. The median property tax bill in Olney stands at $4,780, which is notably higher than the national median property tax rate of 0.99%. Several factors contribute to the final tax bill, including property size, location, and any improvements made to the property. Higher property taxes can impact homeowners by increasing their monthly mortgage payments if taxes are escrowed, or by requiring a substantial lump sum payment if paid annually. This financial burden can influence decisions on home improvements and even the overall affordability of living in Olney. Comparing these figures to national statistics highlights the relatively high property tax burden faced by homeowners in this area.
Average Olney Tax Bill
$4,780
Average Lancaster County Tax Bill
$3,883
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Olney, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20832 | $4,780 | $4,780 | $4,780 | $4,780 | $4,780 |
Source: Ownwell