Smithfield, Pennsylvania Property Taxes
The median property tax rate in Smithfield, PA is 0.83%, which is lower than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $53,920 in Smithfield, the typical annual property tax bill amounts to $425, significantly below the national median of $2,690. Property taxes in Smithfield are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Smithfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Smithfield or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithfield, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$448
Ownwell’s Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, Pennsylvania
Property taxes in Smithfield, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 15478 has both the highest and lowest median property tax rate of 0.83%. Understanding how these figures compare with Smithfield 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 Smithfield Tax Rate
0.83%
Average Fayette County Tax Rate
0.87%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15478 | 0.74% | 0.78% | 0.83% | 0.84% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Pennsylvania
In Smithfield, 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 Smithfield, 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 15478, with a median tax bill of $425.00, which is significantly lower than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Smithfield, Pennsylvania
Source: Ownwell
$15,915
$211,818
$407,720
Average Smithfield Assessed Value
$53,920
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 Smithfield, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15478 | $11,900 | $29,150 | $53,920 | $90,480 | $132,540 |
Source: Ownwell
Property Tax Bills Across Smithfield, Pennsylvania
In Smithfield, Fayette County, 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 property tax rate to determine the annual tax bill. For instance, with a median home price of $53,920, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as property location, size, and condition play a significant role in the assessment process. In Smithfield, the 25th percentile tax bill is $221, while the 75th percentile reaches $710, and the 90th percentile can be as high as $1,055. These variations highlight the impact of differing property values and assessment criteria on the tax burden. Homeowners in Smithfield face a median tax bill of $425, which can influence their overall housing costs and financial planning. Understanding how these factors interplay can help residents better manage their property-related expenses.
Average Smithfield Tax Bill
$425
Average Fayette County Tax Bill
$548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15478 | $86 | $221 | $425 | $710 | $1,055 |
Source: Ownwell