Lower Merion, Montgomery County, Pennsylvania Property Taxes
The median property tax rate in Lower Merion, PA is 4.00%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With the median home value in Lower Merion, the typical annual property tax bill reaches $6,721, far exceeding the national median of $2,690. Property taxes in Lower Merion 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 Lower Merion'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 Lower Merion 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
Lower Merion, Montgomery County, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4%
Estimate Property Tax Bill
$6,717
$6,234
Ownwell’s Lower Merion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lower Merion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lower Merion 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 Lower Merion, Montgomery County, Pennsylvania
Property taxes in Lower Merion, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lower Merion is 4.00%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Lower Merion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lower Merion 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 Lower Merion's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 19083 has both the highest and lowest median property tax rate of 4.00%. Understanding how these areas compare with Lower Merion 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 Lower Merion, Montgomery County, Pennsylvania
Source: Ownwell
1.55%
4.08%
6.60%
Average Lower Merion Tax Rate
4.00%
Average Montgomery County Tax Rate
3.94%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lower Merion, Montgomery County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19083 | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
Source: Ownwell
Property Tax Assessment Values Across Lower Merion, Montgomery County, Pennsylvania
In Lower Merion, 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 Lower Merion, 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 Lower Merion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 19083, with an amount of $6,721.
Property Tax Assessment Values Across Lower Merion, Montgomery County, Pennsylvania
Source: Ownwell
$67,160
$296,195
$525,230
Average Lower Merion Assessed Value
$167,935
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 Lower Merion, Montgomery County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19083 | $150,455 | $162,748 | $167,935 | $179,415 | $197,220 |
Source: Ownwell
Property Tax Bills Across Lower Merion, Montgomery County, Pennsylvania
In Lower Merion, Montgomery County, PA, property tax bills are primarily determined by the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate set by local taxing authorities. For homeowners in Lower Merion, the property tax rates result in significant tax bills compared to the national median property tax rate of 0.99%. For instance, the median home price in Lower Merion is $167,935, and property tax bills can range significantly. Homeowners in the 25th percentile can expect a bill around $6,513, while those in the 75th percentile might see bills closer to $7,180. At the 90th percentile, tax bills can go up to $7,892. These figures highlight the impact of property taxes on household budgets in Lower Merion, making it crucial for homeowners to understand how their tax bills are calculated and explore any available exemptions or appeals to potentially reduce their financial burden.
Property Tax Bills Across Lower Merion, Montgomery County, Pennsylvania
Source: Ownwell
$2,471
$12,110
$21,748
Average Lower Merion Tax Bill
$6,721
Average Montgomery County Tax Bill
$5,764
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lower Merion, Montgomery County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 19083 | $6,022 | $6,513 | $6,721 | $7,180 | $7,892 |
Source: Ownwell