Hopewell, Pennsylvania Property Taxes
The median property tax rate in Hopewell, PA is 1.33%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Hopewell at $76,700, the typical annual property tax bill reaches $1,059, exceeding the national median of $2,690. Property taxes in Hopewell 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 Hopewell'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 Hopewell 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
Hopewell, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,020
Ownwell’s Hopewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopewell 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 Hopewell, Pennsylvania
Property taxes in Hopewell, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopewell is 1.33%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hopewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopewell 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 Hopewell's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the 16650 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Hopewell provides valuable insights into the varying tax landscape across Bedford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopewell Tax Rate
1.33%
Average Bedford County Tax Rate
1.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopewell, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16650 | 1.33% | 1.33% | 1.33% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Hopewell, Pennsylvania
In Hopewell, 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 Bedford 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. 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 Hopewell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 16650, with a bill of $1,059.
Average Hopewell Assessed Value
$76,700
Average Bedford County Assessed Value
$101,200
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopewell, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16650 | $20,940 | $42,700 | $76,700 | $129,700 | $203,140 |
Source: Ownwell
Property Tax Bills Across Hopewell, Pennsylvania
In Hopewell, PA, property tax bills are calculated based on the assessed value of a homeowner's property. The local tax rate is then applied to this assessed value to determine the final tax bill. The median home price in Hopewell is $76,700, which serves as a baseline for many calculations. Homeowners can expect their tax bills to vary significantly, with those in the 25th percentile paying around $608 annually, while those in the 75th percentile face bills closer to $1,682. For properties in the 90th percentile, tax bills can reach up to $2,521. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Hopewell's tax rates reflect local economic conditions and funding needs for public services. The highest and lowest median tax bills in Bedford County, where Hopewell is located, are both recorded at $1,059 in zip code 16650, indicating a range of tax burdens within the region. This system ensures that property taxes are fairly distributed based on property values, impacting homeowners differently depending on their property's assessed value.
Average Hopewell Tax Bill
$1,059
Average Bedford County Tax Bill
$1,429
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopewell, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16650 | $310 | $608 | $1,059 | $1,682 | $2,521 |
Source: Ownwell