Mc Kean, Pennsylvania Property Taxes
The median property tax rate in MC KEAN, PA is 2.08%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in MC KEAN, the typical annual property tax bill reaches $2,257, which is just below the national median of $2,690. Property taxes in MC KEAN 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 MC KEAN'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 MC KEAN 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
Mc Kean, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.08%
Estimate Property Tax Bill
$2,261
Ownwell’s MC KEAN Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in MC KEAN with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in MC KEAN to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Mc Kean, Pennsylvania
Property taxes in MC KEAN, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC KEAN is 2.08%, significantly higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within MC KEAN set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC KEAN 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 MC KEAN's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16426 zip code has the highest median property tax rate of 2.08%, while the same zip code also has the lowest median tax rate of 2.08%. Understanding how these cities compare with MC KEAN provides valuable insights into the varying tax landscape across Erie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Kean Tax Rate
2.08%
Average Erie County Tax Rate
2.59%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Kean, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16426 | 2.07% | 2.08% | 2.08% | 2.08% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Mc Kean, Pennsylvania
In McKean, 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 Erie 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 McKean, 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 McKean helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,257 in zip code 16426, while the lowest median tax bill is also $2,257 in the same zip code.
Average Mc Kean Assessed Value
$108,700
Average Erie County Assessed Value
$98,900
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Kean, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16426 | $10,480 | $27,400 | $108,700 | $147,085 | $185,280 |
Source: Ownwell
Property Tax Bills Across Mc Kean, Pennsylvania
In MC KEAN, 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 tax rate to arrive at the annual property tax bill. Factors influencing the assessed value include the property's market value, location, and physical characteristics such as size and condition. For homeowners in MC KEAN, the median home price is $108,700. Property tax bills can vary significantly, with the 25th percentile bill at $631 and the 75th percentile reaching $3,056. At the 90th percentile, tax bills can be as high as $3,785. These figures reflect the wide range of property values and corresponding tax obligations within the area. Comparatively, the national median property tax rate stands at 0.99%, highlighting how regional differences can impact homeowners' financial responsibilities. Understanding these factors can help property owners in MC KEAN better anticipate and manage their annual tax liabilities.
Average Mc Kean Tax Bill
$2,257
Average Erie County Tax Bill
$2,898
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Kean, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16426 | $237 | $631 | $2,257 | $3,056 | $3,785 |
Source: Ownwell