Farmington, Pennsylvania Property Taxes
The median property tax rate in Farmington, PA is 0.71%, which is considerably lower than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $72,025 in Farmington, the typical annual property tax bill reaches $483, significantly below the national median of $2,690. Property taxes in Farmington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Farmington'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 Farmington 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
Farmington, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$511
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Pennsylvania
Property taxes in Farmington, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 0.71%, which is lower than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 15437 has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Farmington 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 Farmington Tax Rate
0.71%
Average Fayette County Tax Rate
0.87%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15437 | 0.47% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Pennsylvania
In Farmington, 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 Farmington, 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Farmington is $483.00 in the 15437 zip code, which also has the lowest median tax bill of $483.00.
Property Tax Assessment Values Across Farmington, Pennsylvania
Source: Ownwell
$15,915
$211,818
$407,720
Average Farmington Assessed Value
$72,025
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 Farmington, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15437 | $16,445 | $37,232 | $72,025 | $121,798 | $174,731 |
Source: Ownwell
Property Tax Bills Across Farmington, Pennsylvania
In Farmington, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the Fayette County Assessor's Office. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. For context, the national median property tax rate is 0.99%, but local rates can vary. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations. Homeowners in Farmington can expect their tax bills to fall within a range, with the 25th percentile at $240 and the 75th percentile at $813. At the higher end, the 90th percentile tax bill reaches $1,144. These property taxes fund essential public services such as schools, emergency services, and infrastructure. As a result, homeowners benefit from well-maintained community resources, though higher property taxes can impact affordability and budgeting for many residents. Understanding these factors can help homeowners better anticipate and manage their annual property tax obligations.
Average Farmington Tax Bill
$483
Average Fayette County Tax Bill
$548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15437 | $82 | $240 | $483 | $813 | $1,144 |
Source: Ownwell