Rankin, Pennsylvania Property Taxes
The median property tax rate in Rankin, PA is 2.35%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Rankin, the typical annual property tax bill reaches $321, significantly lower than the national median of $2,690. Property taxes in Rankin 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 Rankin'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 Rankin 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
Rankin, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$394
Ownwell’s Rankin Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Rankin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rankin to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Rankin, Pennsylvania
Property taxes in Rankin, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rankin is 2.35%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Rankin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rankin 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 Rankin's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15104 zip code has the highest median property tax rate of 2.35%, while the 15104 zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with Rankin provides valuable insights into the varying tax landscape across Allegheny County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rankin Tax Rate
2.35%
Average Allegheny County Tax Rate
2.59%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rankin, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15104 | 0.92% | 1.45% | 2.35% | 3.25% | 3.78% |
Source: Ownwell
Property Tax Assessment Values Across Rankin, Pennsylvania
In Rankin, 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 Allegheny 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 Rankin, 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. The median home price in Rankin is $16,750, with tax bills ranging from $218 at the 25th percentile to $485 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 15104, standing at $321. 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 Rankin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rankin Assessed Value
$16,750
Average Allegheny County Assessed Value
$108,200
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rankin, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15104 | $13,510 | $14,725 | $16,750 | $18,775 | $19,990 |
Source: Ownwell
Property Tax Bills Across Rankin, Pennsylvania
In Rankin, Allegheny County, PA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the market value of the home. Factors such as location, property size, and home condition play a significant role in this assessment. The local tax rate is then applied to the assessed value to determine the annual property tax bill. For homeowners in Rankin, the median home price is $16,750. Property tax bills can vary widely, with the 25th percentile tax bill at $218 and the 75th percentile at $424. The 90th percentile tax bill reaches up to $485. These figures indicate that even within a small area, property tax bills can differ significantly based on the assessed value and specific property characteristics. Compared to the national median property tax rate of 0.99%, Rankin's tax bills reflect a localized approach to property taxation, impacting homeowners differently depending on their property's assessed value.
Average Rankin Tax Bill
$321
Average Allegheny County Tax Bill
$2,758
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Rankin, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15104 | $157 | $218 | $321 | $424 | $485 |
Source: Ownwell