Fairbank, Pennsylvania Property Taxes
The median property tax rate in Fairbank, PA is 0.99%, aligning with the national median of 0.99% but significantly lower than the Pennsylvania state median of 2.81%. With the median home value in Fairbank at $23,155, the typical annual property tax bill amounts to $224, which is substantially less than the national median of $2,690. Property taxes in Fairbank are determined based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence exemption. Navigating Fairbank's property tax system, leveraging available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Fairbank or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairbank, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$229
Ownwell’s Fairbank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairbank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairbank 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 Fairbank, Pennsylvania
Property taxes in Fairbank, PA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairbank is 1.35%, higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Fairbank set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairbank 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 Fairbank's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15435 zip code has the highest median property tax rate of 1.35%, while the 15435 zip code has the lowest median tax rate of 1.35%. Understanding how these cities compare with Fairbank provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairbank Tax Rate
0.99%
Average Fayette County Tax Rate
0.87%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairbank, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15435 | 0.89% | 0.94% | 0.99% | 1.05% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Fairbank, Pennsylvania
In Fairbank, 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 Fayette 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 Fairbank, 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. For instance, the median home price in Fairbank is $23,155, with tax bills ranging from $147 at the 25th percentile to $470 at the 90th percentile. The zip code with the highest median tax bill is 15435, where the median tax bill is $224. 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 Fairbank helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairbank Assessed Value
$23,155
Average Fayette County Assessed Value
$51,500
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairbank, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15435 | $10,835 | $14,352 | $23,155 | $32,025 | $47,501 |
Source: Ownwell
Property Tax Bills Across Fairbank, Pennsylvania
In Fairbank, Fayette County, PA, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the tax rate to calculate the annual tax bill. For homeowners in Fairbank, the median home price is $23,155. Property tax bills can vary significantly; for instance, the 25th percentile tax bill is $147, while the 75th percentile reaches $310, and the 90th percentile can be as high as $470. These variations depend on factors such as property size, location, and any applicable exemptions or deductions. Comparatively, the national median property tax rate is 0.99%, making Fairbank's tax rates relatively moderate. This affects homeowners by influencing their annual expenses and potentially impacting their decisions regarding home improvements or property investments. Understanding these factors can help homeowners better manage their financial planning and property-related decisions.
Average Fairbank Tax Bill
$224
Average Fayette County Tax Bill
$548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairbank, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15435 | $125 | $147 | $224 | $310 | $470 |
Source: Ownwell