Elkins Park, Pennsylvania Property Taxes
The median property tax rate in Elkins Park, PA, is 6.60%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Elkins Park at $137,410, the typical annual property tax bill reaches $8,478, far exceeding the national median of $2,690. Property taxes in Elkins Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Elkins Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elkins Park or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elkins Park, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.6%
Estimate Property Tax Bill
$9,069
Ownwell’s Elkins Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkins Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkins Park 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 Elkins Park, Pennsylvania
Property taxes in Elkins Park, Pennsylvania, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkins Park is 6.60%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Elkins Park set these rates annually, and they can vary notably across different neighborhoods. Each year, Elkins Park 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 Elkins Park's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 19027 has the highest median property tax rate of 6.60%, while the same zip code also has the lowest median tax rate of 6.60%. Understanding how these cities compare with Elkins Park 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 Elkins Park Tax Rate
6.60%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkins Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19027 | 4.44% | 6.60% | 6.60% | 6.60% | 6.60% |
Source: Ownwell
Property Tax Assessment Values Across Elkins Park, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elkins Park, 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 the Montgomery 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 Elkins Park, 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. For instance, the zip code 19027 has the highest and lowest median tax bill, both at $8,478. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Elkins Park, Pennsylvania
Source: Ownwell
$33,380
$293,475
$553,570
Average Elkins Park Assessed Value
$137,410
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 Elkins Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19027 | $73,660 | $103,510 | $137,410 | $170,320 | $204,258 |
Source: Ownwell
Property Tax Bills Across Elkins Park, Pennsylvania
In Elkins Park, located in Montgomery County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Elkins Park is $137,410, which provides a baseline for understanding property tax obligations. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and the local tax rate. For example, homeowners in the 25th percentile can expect a tax bill around $5,497, while those in the 75th percentile may see bills as high as $10,930. At the 90th percentile, tax bills can reach up to $12,958. These property taxes significantly impact homeowners, as they contribute to local services such as schools, public safety, and infrastructure. It's essential for homeowners to understand these factors to anticipate their financial obligations accurately. In Elkins Park, the highest and lowest median tax bills are both $8,478, highlighting the range of potential tax burdens within the community.
Average Elkins Park Tax Bill
$8,478
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkins Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19027 | $4,229 | $5,497 | $8,478 | $10,930 | $12,958 |
Source: Ownwell