Lafayette Hill, Montgomery County, Pennsylvania Property Taxes
The median property tax rate in Lafayette Hill, PA is 3.14%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Lafayette Hill, the typical annual property tax bill reaches $5,606, exceeding the national median of $2,690. Property taxes in Lafayette 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 Lafayette 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 Lafayette 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
Lafayette Hill, Montgomery County, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$5,588
$5,185
Ownwell’s Lafayette Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafayette Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafayette 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 Lafayette Hill, Montgomery County, Pennsylvania
Property taxes in Lafayette Hill, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette Hill is 1.56%, significantly higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Lafayette Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafayette 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 Lafayette Hill's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 19444 zip code has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Lafayette Hill 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.
Property Tax Rates Across Lafayette Hill, Montgomery County, Pennsylvania
Source: Ownwell
1.55%
4.08%
6.60%
Average Lafayette Hill Tax Rate
3.14%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette Hill, Montgomery County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19444 | 3.14% | 3.14% | 3.14% | 3.14% | 3.14% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette Hill, Montgomery County, Pennsylvania
In Lafayette 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 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 Lafayette 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. 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 Lafayette Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 19444 has a median tax bill of $5,606, reflecting the area's property values and tax rates.
Property Tax Assessment Values Across Lafayette Hill, Montgomery County, Pennsylvania
Source: Ownwell
$67,160
$296,195
$525,230
Average Lafayette Hill Assessed Value
$177,950
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 Lafayette Hill, Montgomery County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19444 | $121,986 | $146,950 | $177,950 | $244,065 | $316,960 |
Source: Ownwell
Property Tax Bills Across Lafayette Hill, Montgomery County, Pennsylvania
In Lafayette Hill, Montgomery County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate applied to this assessed value is set by local taxing authorities. For homeowners in Lafayette Hill, the median home price is $177,950, and property taxes can vary significantly. The 25th percentile tax bill is $4,612, while those in the 75th percentile pay around $7,848. For the top 10% of homeowners, tax bills can reach up to $10,049. These property taxes directly impact homeowners by influencing their annual housing costs. The assessed value considers factors such as the property's market value, location, and any improvements made. Compared to the national median property tax rate of 0.99%, homeowners in Lafayette Hill experience higher tax bills, reflecting the region's specific tax policies and property values. This can affect affordability and overall financial planning for residents.
Property Tax Bills Across Lafayette Hill, Montgomery County, Pennsylvania
Source: Ownwell
$2,471
$12,110
$21,748
Average Lafayette Hill Tax Bill
$5,606
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette Hill, Montgomery County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19444 | $3,829 | $4,612 | $5,606 | $7,848 | $10,049 |
Source: Ownwell