Hopwood, Pennsylvania Property Taxes
The median property tax rate in Hopwood, PA is 2.65%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Hopwood at $67,355, the typical annual property tax bill reaches $1,085, exceeding the national median of $2,690. Property taxes in Hopwood 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 Hopwood'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 Hopwood 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
Hopwood, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$1,785
Ownwell’s Hopwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopwood 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 Fayette County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hopwood, Pennsylvania
Property taxes in Hopwood, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopwood is 2.65%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Hopwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopwood 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 Hopwood's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15445 zip code has the highest median property tax rate of 2.65%, while the 15445 zip code also has the lowest median tax rate of 2.65%. Understanding how these cities compare with Hopwood 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 Hopwood Tax Rate
2.65%
Average Fayette County Tax Rate
0.87%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopwood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15445 | 0.74% | 0.74% | 2.65% | 2.65% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Hopwood, Pennsylvania
In Hopwood, 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 Hopwood, 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 Hopwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In the 15445 zip code, the median tax bill is $1,085, which is consistent across the board. This understanding empowers homeowners to make informed decisions about their property taxes.
Average Hopwood Assessed Value
$67,355
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 Hopwood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15445 | $22,726 | $44,392 | $67,355 | $98,802 | $142,051 |
Source: Ownwell
Property Tax Bills Across Hopwood, Pennsylvania
In Hopwood, property tax bills are calculated based on the assessed value of a property, which is determined by the Fayette County assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Hopwood is $67,355, which gives homeowners an idea of what they might expect to pay. For instance, the tax bill at the 25th percentile is $597, while at the 75th percentile, it rises to $1,758. At the 90th percentile, homeowners could see a tax bill as high as $2,828. These tax bills are influenced by various factors including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Hopwood's tax rates reflect the local economic conditions and funding needs for public services. Understanding these factors helps homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Hopwood Tax Bill
$1,085
Average Fayette County Tax Bill
$548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopwood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15445 | $414 | $597 | $1,085 | $1,758 | $2,828 |
Source: Ownwell