University Park, Pennsylvania Property Taxes
The median property tax rate in University Park, PA is 3.08%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in University Park at $144,090, the typical annual property tax bill reaches $4,437, exceeding the national median of $2,690. Property taxes in University Park 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 University Park'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 University Park 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
University Park, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.08%
Estimate Property Tax Bill
$4,438
Ownwell’s UNIVERSITY PARK Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in UNIVERSITY PARK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in UNIVERSITY PARK 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 University Park, Pennsylvania
Property taxes in University Park, Pennsylvania, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in University Park is 3.08%, significantly higher than the U.S. national median of 0.99%. Local government entities within University Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, University Park 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 University Park's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16802 zip code has both the highest and lowest median property tax rate of 3.08%. Understanding how these cities compare with University Park 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 University Park Tax Rate
3.08%
Average Centre County Tax Rate
3.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across University Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16802 | 3.08% | 3.08% | 3.08% | 3.08% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across University Park, Pennsylvania
In University Park, 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 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 University Park, 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 University Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Interestingly, the zip code with both the highest and lowest median tax bills is 16802, with a tax bill of $4,437.
Property Tax Assessment Values Across University Park, Pennsylvania
Source: Ownwell
$21,600
$82,845
$144,090
Average University Park Assessed Value
$144,090
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 University Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16802 | $144,090 | $144,090 | $144,090 | $144,090 | $144,090 |
Source: Ownwell
Property Tax Bills Across University Park, Pennsylvania
In University Park, Centre County, PA, property tax bills are calculated using the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in this area is $144,090, and the median property tax bill stands at $4,437, significantly higher than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the property's market value, location, and physical characteristics. Homeowners in University Park face a uniform tax bill, with the 25th, 75th, and 90th percentiles all reporting the same figure of $4,437. This can place a substantial financial burden on homeowners, especially when compared to national averages. Understanding these elements can help homeowners better anticipate their property tax obligations and manage their finances accordingly.
Average University Park Tax Bill
$4,437
Average Centre County Tax Bill
$3,173
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across University Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16802 | $4,437 | $4,437 | $4,437 | $4,437 | $4,437 |
Source: Ownwell