Towanda, Pennsylvania Property Taxes
The median property tax rate in Towanda, PA is 3.22%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Towanda at $64,614, the typical annual property tax bill reaches $2,143, which is still below the national median of $2,690. Property taxes in Towanda are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Towanda'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 Towanda 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
Towanda, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.22%
Estimate Property Tax Bill
$2,081
Ownwell’s Towanda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Towanda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Towanda 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 Towanda, Pennsylvania
Property taxes in Towanda, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Towanda is 3.22%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Towanda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Towanda 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 Towanda's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 18848 has the highest median property tax rate of 3.22%, while it also has the lowest median tax rate of 3.22%. Understanding how these cities compare with Towanda provides valuable insights into the varying tax landscape across Bradford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Towanda Tax Rate
3.22%
Average Bradford County Tax Rate
3.22%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Towanda, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18848 | 2.25% | 3.16% | 3.22% | 4.14% | 4.14% |
Source: Ownwell
Property Tax Assessment Values Across Towanda, Pennsylvania
In Towanda, 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 Bradford 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 Towanda, 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 Towanda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Towanda is $64,614, with median tax bills ranging from $1,420 at the 25th percentile to $4,324 at the 90th percentile.
Average Towanda Assessed Value
$64,614
Average Bradford County Assessed Value
$61,590
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Towanda, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18848 | $26,870 | $42,800 | $64,614 | $97,588 | $150,746 |
Source: Ownwell
Property Tax Bills Across Towanda, Pennsylvania
In Towanda, located in Bradford County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For homeowners in Towanda, the median home price is $64,614, and the property tax rate in the area results in tax bills ranging from $1,420 at the 25th percentile to $4,324 at the 90th percentile. This variation reflects differences in property values and specific assessments. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates can significantly impact the financial responsibilities of homeowners. Understanding these calculations helps homeowners in Towanda anticipate their annual property tax obligations, allowing for better financial planning and management of their real estate investments.
Average Towanda Tax Bill
$2,143
Average Bradford County Tax Bill
$1,935
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Towanda, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18848 | $772 | $1,420 | $2,143 | $3,060 | $4,324 |
Source: Ownwell