If you’ve ever talked to a homeowner from New Jersey, you’ve probably heard them complain about the state’s property taxes, the highest in the nation.
Pennsylvania’s property taxes aren’t as bad, but they consistently rank on the higher end of national tax rankings. Here in PA, we base property taxes on two things: your local, county and school district tax rate, plus the value of your home, which is determined by your county tax assessor.
To figure out your yearly tax payment, government bodies take the assessed value of your property – what it would sell for – and multiply it by their tax rate.
So if the assessment on your home is $400,000 and the tax rate is $10 for every $1,000 of taxable value, your tax bill would be $4,000.