Mcknightstown, Pennsylvania Property Taxes
The median property tax rate in McKnightstown, PA is 1.65%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in McKnightstown, the typical annual property tax bill reaches $4,600, exceeding the national median of $2,690. Property taxes in McKnightstown 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 McKnightstown'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 McKnightstown 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
Mcknightstown, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$5,105
Ownwell’s McKnightstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McKnightstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McKnightstown 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 Mcknightstown, Pennsylvania
Property taxes in McKnightstown, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McKnightstown is 1.65%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within McKnightstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, McKnightstown 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 McKnightstown's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 17343 zip code has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with McKnightstown provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mcknightstown Tax Rate
1.65%
Average Adams County Tax Rate
1.78%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mcknightstown, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17343 | 0.84% | 0.91% | 1.65% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Mcknightstown, Pennsylvania
In McKnightstown, 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 Adams 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 McKnightstown, 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 McKnightstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in McKnightstown is $4,600 in the 17343 zip code, while the lowest median tax bill also stands at $4,600 in the same zip code.
Property Tax Assessment Values Across Mcknightstown, Pennsylvania
Source: Ownwell
$57,100
$183,250
$309,400
Average Mcknightstown Assessed Value
$309,400
Average Adams County Assessed Value
$207,500
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mcknightstown, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17343 | $77,180 | $120,500 | $309,400 | $520,700 | $553,640 |
Source: Ownwell
Property Tax Bills Across Mcknightstown, Pennsylvania
In McKnightstown, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors are considered in this process, including the property's size, location, and market conditions. For example, the median home price in McKnightstown is $309,400, influencing the overall tax burden. Homeowners in McKnightstown experience a range of tax bills. The 25th percentile tax bill is $1,985, while the 75th percentile tax bill reaches $4,733, with some homeowners paying as much as $4,952 in the 90th percentile. These figures highlight the variability in tax obligations, which can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, McKnightstown's tax rates can be relatively high, emphasizing the importance of accurate property assessments and potential appeals to manage costs effectively.
Average Mcknightstown Tax Bill
$4,600
Average Adams County Tax Bill
$3,745
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcknightstown, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17343 | $1,272 | $1,985 | $4,600 | $4,733 | $4,952 |
Source: Ownwell