Reamstown, Pennsylvania Property Taxes
The median property tax rate in Reamstown, PA is 2.37%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Reamstown at $157,800, the typical annual property tax bill reaches $3,732, exceeding the national median of $2,690. Property taxes in Reamstown 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 Reamstown'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 Reamstown 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
Reamstown, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.37%
Estimate Property Tax Bill
$3,740
-$39,194
Ownwell’s REAMSTOWN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in REAMSTOWN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in REAMSTOWN 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 Reamstown, Pennsylvania
Property taxes in Reamstown, Pennsylvania, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Reamstown stands at 2.37%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Reamstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reamstown 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 Reamstown's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 17567 zip code has the highest median property tax rate of 2.37%, while it also has the lowest median tax rate of 2.37%. Understanding how these cities compare with Reamstown 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 Reamstown Tax Rate
2.37%
Average Lancaster County Tax Rate
2.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reamstown, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17567 | 2.37% | 2.37% | 2.37% | 2.37% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Reamstown, Pennsylvania
In Reamstown, 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 Reamstown, 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. The median home price in Reamstown is $157,800, with tax bills ranging from $3,311 at the 25th percentile to $4,579 at the 90th percentile. The zip code 17567 has the highest and lowest median tax bill at $3,732. 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 Reamstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Reamstown Assessed Value
$157,800
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 Reamstown, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17567 | $122,700 | $140,000 | $157,800 | $176,350 | $193,600 |
Source: Ownwell
Property Tax Bills Across Reamstown, Pennsylvania
In Reamstown, located in Lancaster County, PA, property tax bills are calculated based on the assessed value of a home. The county assesses each property to determine its value, which is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Reamstown, the median home price is $157,800. This value is considerably lower than the national median property tax rate of 0.99%, making it a relatively affordable area for property taxes. Several factors influence the final tax bill, including the assessed value of the property and any applicable exemptions or deductions. Homeowners in Reamstown can expect tax bills to vary, with the 25th percentile at $3,311, the 75th percentile at $4,171, and the 90th percentile reaching $4,579. Understanding these factors is crucial for homeowners as property taxes represent a significant portion of homeownership costs. By being aware of these details, homeowners can better manage their financial planning and anticipate annual expenses.
Average Reamstown Tax Bill
$3,732
Average Lancaster County Tax Bill
$3,883
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Reamstown, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17567 | $2,902 | $3,311 | $3,732 | $4,171 | $4,579 |
Source: Ownwell