Pennsylvania Furnace, Pennsylvania Property Taxes
The median property tax rate in Pennsylvania Furnace, PA is 2.90%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Pennsylvania Furnace, the typical annual property tax bill reaches $3,170, exceeding the national median of $2,690. Property taxes in Pennsylvania Furnace 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 Pennsylvania Furnace'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 Pennsylvania Furnace 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
Pennsylvania Furnace, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.9%
Estimate Property Tax Bill
$3,174
Ownwell’s Pennsylvania Furnace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pennsylvania Furnace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pennsylvania Furnace 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 Pennsylvania Furnace, Pennsylvania
Property taxes in Pennsylvania Furnace, PA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pennsylvania Furnace is 2.90%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Pennsylvania Furnace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pennsylvania Furnace 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 Pennsylvania Furnace's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 16865 has the highest median property tax rate of 2.90%, while the same zip code also has the lowest median tax rate of 2.90%. Understanding how these cities compare with Pennsylvania Furnace provides valuable insights into the varying tax landscape across Centre County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pennsylvania Furnace Tax Rate
2.90%
Average Centre County Tax Rate
3.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pennsylvania Furnace, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16865 | 2.89% | 2.90% | 2.90% | 2.90% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Pennsylvania Furnace, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pennsylvania Furnace, PA. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Centre 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 Pennsylvania Furnace, 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 Pennsylvania Furnace 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 16865, with a median tax bill of $3,170. Similarly, the zip code with the lowest median tax bill is also 16865, with the same median tax bill of $3,170.
Property Tax Assessment Values Across Pennsylvania Furnace, Pennsylvania
Source: Ownwell
$21,600
$82,845
$144,090
Average Pennsylvania Furnace Assessed Value
$109,450
Average Centre County Assessed Value
$97,340
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pennsylvania Furnace, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16865 | $68,346 | $88,030 | $109,450 | $152,620 | $220,700 |
Source: Ownwell
Property Tax Bills Across Pennsylvania Furnace, Pennsylvania
In Pennsylvania Furnace, located in Centre County, 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. Homeowners in Pennsylvania Furnace face a range of property tax bills, with the 25th percentile at $2,552 and the 75th percentile at $4,422. The highest median tax bill in the area is $3,170, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the home's market value, its condition, and any improvements made. For homeowners, this means that maintaining or upgrading their property can lead to higher assessed values and, consequently, higher tax bills. Understanding these factors is crucial for homeowners to anticipate their tax obligations and budget accordingly. The property tax system ensures that local governments have the necessary funds to provide community services, but it also places a financial responsibility on property owners to support these services.
Average Pennsylvania Furnace Tax Bill
$3,170
Average Centre County Tax Bill
$3,173
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Pennsylvania Furnace, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16865 | $1,990 | $2,552 | $3,170 | $4,422 | $6,391 |
Source: Ownwell