Prospect Park, Delaware County, Pennsylvania Property Taxes

Local government entities are responsible for setting tax rates, which can vary significantly within Pennsylvania. Each year, counties determine their required budget to provide essential services and then divide this by the total value of all taxable properties within their jurisdiction. This process results in the property tax rate. While there are votes and laws that play a role in determining these rates and budgets, this is the basic annual procedure.

In Prospect Park, located in Delaware County, property tax rates are notably higher than the national median. The median property tax rate in this area stands at 3.37%, which is considerably above the national median of 1.02%. This rate is also the highest within the region, making it a critical consideration for property owners. When compared to the national median property tax bill of $2,400, homeowners in Prospect Park face higher expenses due to the elevated tax rate. Understanding these local tax dynamics is crucial for property owners, as it directly influences the affordability and financial planning associated with homeownership in this area.

In Prospect Park, Delaware County, PA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price stands at $154,980, contributing to a median tax bill of approximately $5,215. This figure is significantly higher than the national median property tax bill of $2,400, reflecting the relatively high property tax rates in this area. Homeowners in this region face tax bills ranging from the 25th percentile at $4,817 to the 90th percentile at $6,846, indicating a substantial variation based on property value assessments.

Factors influencing these tax bills include the property's assessed value, which may differ from its market value, and local government budgetary needs. High property taxes can place a significant financial burden on homeowners, especially when compared to national averages. Ownwell offers services to help homeowners in Prospect Park potentially reduce their property tax bills by reviewing assessments for errors and filing appeals when necessary. By leveraging Ownwell's expertise, homeowners can ensure their property taxes are fair and accurate, potentially leading to significant savings.