New Milford, Pennsylvania Property Taxes
The median property tax rate in New Milford, PA is 3.31%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in New Milford, the typical annual property tax bill reaches $1,391, exceeding the national median of $2,690. Property taxes in New Milford 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 New Milford'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 New Milford 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
New Milford, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.31%
Estimate Property Tax Bill
$1,410
Ownwell’s New Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Milford 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 New Milford, Pennsylvania
Property taxes in New Milford, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Milford is 3.31%, significantly higher than both the Pennsylvania state median of 1.46% and the U.S. national median of 0.99%. Local government entities within New Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Milford 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 New Milford's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 18834 has both the highest and lowest median property tax rate of 3.31%. Understanding how these cities compare with New Milford provides valuable insights into the varying tax landscape across Susquehanna County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Milford Tax Rate
3.31%
Average Susquehanna County Tax Rate
3.31%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Milford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18834 | 3.07% | 3.31% | 3.31% | 3.31% | 3.31% |
Source: Ownwell
Property Tax Assessment Values Across New Milford, Pennsylvania
In New Milford, 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 Susquehanna 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 New Milford, 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. The median home price in the area is $42,600, with tax bills ranging from $728 at the 25th percentile to $2,907 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The zip code 18834 has both the highest and lowest median tax bill, which is $1,391. Being aware of these valuation processes in New Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Milford Assessed Value
$42,600
Average Susquehanna County Assessed Value
$40,400
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Milford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18834 | $12,800 | $22,200 | $42,600 | $64,400 | $88,000 |
Source: Ownwell
Property Tax Bills Across New Milford, Pennsylvania
In New Milford, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate in Susquehanna County plays a crucial role in this calculation. For example, the median home price in New Milford is $42,600. Homeowners in the 25th percentile can expect an annual tax bill of approximately $728, while those in the 75th percentile may see bills around $2,144. At the higher end, the 90th percentile tax bill reaches $2,907. These figures illustrate how the assessed value and applicable tax rates directly impact the amount homeowners must pay. Compared to the national median property tax rate of 0.99%, New Milford homeowners may find their tax bills to be relatively moderate, depending on their property's assessed value. However, the highest median tax bill in the area is recorded at $1,391 in the 18834 zip code, reflecting the variability within the region. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average New Milford Tax Bill
$1,391
Average Susquehanna County Tax Bill
$1,338
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across New Milford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18834 | $398 | $728 | $1,391 | $2,144 | $2,907 |
Source: Ownwell