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Old 11-21-2021, 10:49 PM
 
6 posts, read 14,104 times
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I'm thinking about buying a house in the Doylestown area (but the question really goes for anywhere in PA). I was looking at the millage calculator (https://doylestowntownshiptaxcollect...ax-calculator/) and am wondering if I'm misunderstanding things. According to this site the millage rates for Bucks, Doylestown, and the School District are about 25, 14, and 124. So if I buy a $250K property, each year I'm going to pay a total of... $40,750!? Is this right? It doesn't seem realistic, especially given the complaints about NJ taxes but even in nearby Mercer County the total payment would be less than $10K/year for a similarly valued property.

Thanks for any help.

Harrison
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Old 11-22-2021, 07:17 AM
 
1,324 posts, read 1,437,636 times
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They provide examples of the calculation. Their rate is per $1000, not $100.
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Old 11-22-2021, 07:43 AM
 
6 posts, read 14,104 times
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Yes, in the example the total tax is $8,992.10 for a $55K property. Multiply that by 4.54 (to get us to $250K) and you end up with $40,914.06.
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Old 11-22-2021, 09:33 AM
 
Location: Montgomery County, PA
1,323 posts, read 2,313,680 times
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Quote:
Originally Posted by Azmodi View Post
I'm thinking about buying a house in the Doylestown area (but the question really goes for anywhere in PA). I was looking at the millage calculator (https://doylestowntownshiptaxcollect...ax-calculator/) and am wondering if I'm misunderstanding things. According to this site the millage rates for Bucks, Doylestown, and the School District are about 25, 14, and 124. So if I buy a $250K property, each year I'm going to pay a total of... $40,750!? Is this right? It doesn't seem realistic, especially given the complaints about NJ taxes but even in nearby Mercer County the total payment would be less than $10K/year for a similarly valued property.

Thanks for any help.

Harrison
Are you buying a property with an assessed value of $250K? The assessed value is different than the appraised or market value. It will be a fraction of appraised value.
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Old 11-22-2021, 10:14 AM
 
1,324 posts, read 1,437,636 times
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Quote:
Originally Posted by Angus215 View Post
Are you buying a property with an assessed value of $250K? The assessed value is different than the appraised or market value. It will be a fraction of appraised value.
Here is an example:

https://www.zillow.com/homedetails/3.../8994160_zpid/

Home on the market for 679k, property taxes 8,251. Do the math to estimate on a 250k home…should be around 3,038 per year.
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Old 11-22-2021, 10:20 AM
 
6 posts, read 14,104 times
Reputation: 10
Clearly I need to educate myself, as I've conflated assessed with appraised/market value. Thanks!
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