Silver Spring, Pennsylvania Property Taxes
The median property tax rate in Silver Spring, PA is 2.15%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Silver Spring, the typical annual property tax bill reaches $3,284, exceeding the national median of $2,690. Property taxes in Silver Spring 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 Silver Spring'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 Silver Spring 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
Silver Spring, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.15%
Estimate Property Tax Bill
$3,279
-$34,361
Ownwell’s Silver Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Spring 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 Silver Spring, Pennsylvania
Property taxes in Silver Spring, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Spring is 2.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within Silver Spring set these rates annually, and they can vary across different neighborhoods. Each year, Silver Spring 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 Silver Spring's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 17575 has the highest median property tax rate of 2.15%, while the same zip code also has the lowest median tax rate of 2.15%. Understanding how these areas compare with Silver Spring 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 Silver Spring Tax Rate
2.15%
Average Lancaster County Tax Rate
2.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Spring, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17575 | 2.15% | 2.15% | 2.15% | 2.15% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Silver Spring, Pennsylvania
In Silver Spring, 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 Silver Spring, 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 Silver Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3284.00 in zip code 17575, which is also the lowest median tax bill, making it essential for homeowners to stay informed.
Property Tax Assessment Values Across Silver Spring, Pennsylvania
Source: Ownwell
$50,000
$197,950
$345,900
Average Silver Spring Assessed Value
$152,500
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 Silver Spring, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17575 | $152,500 | $152,500 | $152,500 | $152,500 | $152,500 |
Source: Ownwell
Property Tax Bills Across Silver Spring, Pennsylvania
In Silver Spring, property tax bills are calculated based on the assessed value of a home rather than its market value. The assessed value is determined by local assessors who evaluate the property's characteristics and market conditions. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Silver Spring, the median home price is $152,500. With a median property tax rate of 2.15%, this results in a typical tax bill of $3,284. This amount is notably higher than the national median property tax rate of 0.99%, making property taxes a significant consideration for homeowners in the area. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning. On the other hand, these taxes contribute to funding essential public services such as schools, infrastructure, and emergency services, which can enhance the quality of life in the community.
Average Silver Spring Tax Bill
$3,284
Average Lancaster County Tax Bill
$3,883
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Spring, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17575 | $3,284 | $3,284 | $3,284 | $3,284 | $3,284 |
Source: Ownwell