Lakewood, Wayne County, Pennsylvania Property Taxes
The median property tax rate in Lakewood, PA is 2.31%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Lakewood at $205,100, the typical annual property tax bill reaches $4,738, far exceeding the national median of $2,690. Property taxes in Lakewood 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 Lakewood'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 Lakewood 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
Lakewood, Wayne County, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$4,738
$4,397
Ownwell’s Lakewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakewood 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 Lakewood, Wayne County, Pennsylvania
Property taxes in Lakewood, PA, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakewood is 2.31%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Lakewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakewood 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 Lakewood's effective property tax rate to other areas in Wayne County and the national median. For comparison, the zip code 18439 has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these areas compare with Lakewood provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakewood Tax Rate
2.31%
Average Wayne County Tax Rate
2.19%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakewood, Wayne County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18439 | 2.31% | 2.31% | 2.31% | 2.31% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, Wayne County, Pennsylvania
In Lakewood, 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 Wayne 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 Lakewood, 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 Lakewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lakewood is $4738 in zip code 18439, while the lowest median tax bill is also $4738 in the same zip code.
Property Tax Assessment Values Across Lakewood, Wayne County, Pennsylvania
Source: Ownwell
$7,000
$158,875
$310,750
Average Lakewood Assessed Value
$205,100
Average Wayne County Assessed Value
$179,900
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakewood, Wayne County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18439 | $68,080 | $136,000 | $205,100 | $292,100 | $388,640 |
Source: Ownwell
Property Tax Bills Across Lakewood, Wayne County, Pennsylvania
In Lakewood, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is then multiplied by the property tax rate set by the county. For instance, in Wayne County, the median home price is $205,100. Homeowners in the 25th percentile can expect a tax bill around $3,141, while those in the 75th percentile might see bills as high as $6,681. The top 10% of homeowners could face tax bills up to $8,962. Several factors influence these tax bills, including the property's location, size, and market conditions. This system ensures that property taxes are proportionate to the value of the home, impacting homeowners by requiring higher payments for more valuable properties. The highest and lowest median tax bills in the area are both $4,738, indicating a relatively consistent tax landscape across different zip codes. This method of calculation ensures that property tax contributions are equitable and reflective of each property's worth.
Average Lakewood Tax Bill
$4,738
Average Wayne County Tax Bill
$4,013
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakewood, Wayne County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18439 | $1,573 | $3,141 | $4,738 | $6,681 | $8,962 |
Source: Ownwell