Loretto, Pennsylvania Property Taxes
The median property tax rate in Loretto, PA is 9.60%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With the median home value in Loretto at $19,370, the typical annual property tax bill is $1,862, which is below the national median of $2,690. Property taxes in Loretto are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Loretto’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 Loretto 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
Loretto, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
9.6%
Estimate Property Tax Bill
$1,860
Ownwell’s Loretto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loretto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loretto 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 Loretto, Pennsylvania
Property taxes in Loretto, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loretto is 9.60%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Loretto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loretto 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 Loretto's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15940 zip code has the highest median property tax rate of 9.60%, while the same zip code also has the lowest median tax rate of 9.60%. Understanding how these areas compare with Loretto provides valuable insights into the varying tax landscape across Cambria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loretto Tax Rate
9.60%
Average Cambria County Tax Rate
10.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loretto, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15940 | 9.25% | 9.60% | 9.60% | 9.60% | 9.95% |
Source: Ownwell
Property Tax Assessment Values Across Loretto, Pennsylvania
In Loretto, 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 Cambria 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 Loretto, 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 Loretto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Loretto is $19,370, with the highest and lowest median tax bills both being $1,862 in zip code 15940.
Average Loretto Assessed Value
$19,370
Average Cambria County Assessed Value
$12,040
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loretto, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15940 | $4,679 | $11,298 | $19,370 | $26,835 | $33,265 |
Source: Ownwell
Property Tax Bills Across Loretto, Pennsylvania
In Loretto, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Loretto is $19,370, and property tax bills vary significantly within the area. For instance, the 25th percentile tax bill is $1,089, while the 75th percentile tax bill is $2,587, and the 90th percentile tax bill reaches up to $3,195. Factors influencing these variations include the specific assessed value of individual properties and any applicable exemptions or deductions. Homeowners in Loretto experience a range of tax bills, which can impact their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Loretto's tax bills reflect the unique economic conditions and local government policies of Cambria County. Homeowners should stay informed about their property's assessed value and any changes in local tax rates to manage their financial obligations effectively.
Average Loretto Tax Bill
$1,862
Average Cambria County Tax Bill
$1,315
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Loretto, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15940 | $453 | $1,089 | $1,862 | $2,587 | $3,195 |
Source: Ownwell