Hollywood, Pennsylvania Property Taxes
The median property tax rate in Hollywood, PA is 4.44%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Hollywood, the typical annual property tax bill reaches $5,563, exceeding the national median of $2,690. Property taxes in Hollywood 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 Hollywood'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 Hollywood 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
Hollywood, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.44%
Estimate Property Tax Bill
$5,566
Ownwell’s Hollywood Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Hollywood. By simply inputting your property's estimated assessed value, the calculator applies the median tax rate in Hollywood to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities, making financial planning easier. For those interested in a deeper dive, scroll down to explore trends at the neighborhood level. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hollywood, Pennsylvania
Property taxes in Hollywood, Pennsylvania, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollywood is 1.35%, significantly higher than both the Pennsylvania state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Hollywood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollywood 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 Hollywood's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19046 zip code has the highest median property tax rate of 1.35%, while the 19046 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Hollywood 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 Hollywood Tax Rate
4.44%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hollywood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19046 | 4.44% | 4.44% | 4.44% | 4.44% | 4.44% |
Source: Ownwell
Property Tax Assessment Values Across Hollywood, Pennsylvania
In Hollywood, 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 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 Hollywood, 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 Hollywood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 19046 has the highest and lowest median tax bill at $5563.
Average Hollywood Assessed Value
$125,360
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 Hollywood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19046 | $125,360 | $125,360 | $125,360 | $125,360 | $125,360 |
Source: Ownwell
Property Tax Bills Across Hollywood, Pennsylvania
Property tax bills in Hollywood, Montgomery County, PA, are calculated based on the assessed value of a property, 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. Factors such as property size, location, and market conditions play a crucial role in determining the assessed value. In Hollywood, the median home price is $125,360, and the property tax rate is relatively high compared to the national median of 0.99%. Homeowners in this area can expect a median property tax bill of $5,563, which is consistent across various percentiles, indicating a uniform assessment approach. This high tax bill can significantly impact homeowners, leading to higher annual expenses and influencing decisions related to property investment and homeownership. Understanding how these factors interplay is essential for homeowners to plan their finances and explore potential tax relief options.
Average Hollywood Tax Bill
$5,563
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Hollywood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19046 | $5,563 | $5,563 | $5,563 | $5,563 | $5,563 |
Source: Ownwell