Terre Hill, Pennsylvania Property Taxes
The median property tax rate in Terre Hill, PA is 2.00%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Terre Hill at $173,500, the typical annual property tax bill reaches $3,472, exceeding the national median of $2,690. Property taxes in Terre Hill 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 Terre Hill'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 Terre Hill 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
Terre Hill, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$3,470
-$36,366
Ownwell’s TERRE HILL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TERRE HILL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TERRE HILL 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 Terre Hill, Pennsylvania
Property taxes in Terre Hill, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terre Hill is 2.00%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Terre Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terre Hill 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 Terre Hill's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 17581 has both the highest and lowest median property tax rate of 2.00%. Understanding how these areas compare with Terre Hill 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 Terre Hill Tax Rate
2.00%
Average Lancaster County Tax Rate
2.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terre Hill, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17581 | 1.75% | 2.00% | 2.00% | 2.00% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Terre Hill, Pennsylvania
In Terre Hill, 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 Terre Hill, 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 Terre Hill is $173,500, with tax bills ranging from $3,023 at the 25th percentile to $5,058 at the 90th percentile. Notably, the highest and lowest median tax bills are both $3,472 in the zip code 17581. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Terre Hill, Pennsylvania
Source: Ownwell
$50,000
$197,950
$345,900
Average Terre Hill Assessed Value
$173,500
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 Terre Hill, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17581 | $128,990 | $151,700 | $173,500 | $210,300 | $257,090 |
Source: Ownwell
Property Tax Bills Across Terre Hill, Pennsylvania
In Terre Hill, Lancaster County, PA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's property assessor and is meant to reflect the market value of the property. Homeowners in Terre Hill face a median property tax bill of $3,472, which is significantly higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's location, size, and any improvements made to it. For instance, the 25th percentile of tax bills in Terre Hill is $3,023, while the 75th percentile reaches $4,166, and the 90th percentile can go as high as $5,058. These variations highlight how property characteristics and local assessments impact the tax amounts. Higher property taxes can affect homeowners by increasing their annual expenses, which is an important consideration for anyone looking to buy or own a home in this area.
Average Terre Hill Tax Bill
$3,472
Average Lancaster County Tax Bill
$3,883
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Terre Hill, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17581 | $2,511 | $3,023 | $3,472 | $4,166 | $5,058 |
Source: Ownwell