Chalfont, Pennsylvania Property Taxes
The median property tax rate in Chalfont, PA is 3.74%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Chalfont at $263,490, the typical annual property tax bill reaches $7,289, exceeding the national median of $2,690. Property taxes in Chalfont 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 Chalfont'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 Chalfont 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
Chalfont, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.74%
Estimate Property Tax Bill
$9,855
Ownwell’s Chalfont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chalfont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chalfont 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 Chalfont, Pennsylvania
Property taxes in Chalfont, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chalfont is 1.35%, higher than both the Pennsylvania state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Chalfont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chalfont 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 Chalfont's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18914 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Chalfont provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chalfont Tax Rate
3.74%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chalfont, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18914 | 3.56% | 3.74% | 3.74% | 3.74% | 3.74% |
Source: Ownwell
Property Tax Assessment Values Across Chalfont, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chalfont, PA. 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 Montgomery County 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 Chalfont, 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. For instance, the median home price in Chalfont is $263,490. The tax bills range significantly, with the 25th percentile at $4,742 and the 75th percentile reaching $14,145. Interestingly, the highest and lowest median tax bills both stand at $7,289 in the 18914 zip code. 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.
Average Chalfont Assessed Value
$263,490
Average Montgomery County Assessed Value
$143,105
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chalfont, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18914 | $117,978 | $126,740 | $263,490 | $380,890 | $459,518 |
Source: Ownwell
Property Tax Bills Across Chalfont, Pennsylvania
In Chalfont, 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 assessor and reflects a percentage of the property's market value. Homeowners in Chalfont, located in Montgomery County, typically see tax bills influenced by various factors such as property type, location, and any applicable exemptions. The median home price in Chalfont is $263,490, which serves as a baseline for understanding property tax obligations. Tax bills can vary significantly, with the 25th percentile at $4,742 and the 75th percentile reaching $14,145. For those at the 90th percentile, tax bills can be as high as $16,384. These figures highlight the range of potential tax liabilities homeowners might face. Compared to the national median property tax rate of 0.99%, Chalfont's property tax rate can result in higher annual costs for homeowners. This financial responsibility underscores the importance of understanding how property taxes are calculated and the potential impact on household budgets.
Average Chalfont Tax Bill
$7,289
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Chalfont, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18914 | $4,381 | $4,742 | $7,289 | $14,145 | $16,384 |
Source: Ownwell