Penryn, Pennsylvania Property Taxes
The median property tax rate in Penryn, 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 Penryn at $174,200, the typical annual property tax bill reaches $3,387, exceeding the national median of $2,690. Property taxes in Penryn 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 Penryn'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 Penryn 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
Penryn, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$3,379
-$35,417
Ownwell’s Penryn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Penryn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penryn 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 Penryn, Pennsylvania
Property taxes in Penryn, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penryn is 1.43%, significantly higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Penryn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penryn 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 Penryn's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 17564 zip code has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these areas compare with Penryn 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 Penryn 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 Penryn, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17564 | 1.94% | 1.94% | 1.94% | 1.94% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Penryn, Pennsylvania
In Penryn, 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 Penryn, 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 Penryn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both reported at $3,387 in the zip code 17564.
Average Penryn Assessed Value
$174,200
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 Penryn, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17564 | $153,480 | $156,900 | $174,200 | $201,300 | $255,540 |
Source: Ownwell
Property Tax Bills Across Penryn, Pennsylvania
In Penryn, located in Lancaster County, PA, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Penryn, the median home price stands at $174,200. Factors that influence the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill is around $3,051, while the 75th percentile tax bill reaches $3,914. At the higher end, the 90th percentile tax bill can be as much as $5,028. These property taxes can significantly impact homeowners, influencing everything from monthly mortgage payments to overall affordability. Compared to the national median property tax rate of 0.99%, Penryn's rates reflect the local economic conditions and funding requirements for community services such as schools and infrastructure.
Average Penryn Tax Bill
$3,387
Average Lancaster County Tax Bill
$3,883
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Penryn, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17564 | $2,984 | $3,051 | $3,387 | $3,914 | $5,028 |
Source: Ownwell