Wood, Pennsylvania Property Taxes
The median property tax rate in Wood, PA, is 6.70%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Wood at $40,900, the typical annual property tax bill reaches $2,741, which is just below the national median of $2,690. Property taxes in Wood 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 Wood'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 Wood 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
Wood, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.7%
Estimate Property Tax Bill
$2,740
Ownwell’s WOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WOOD 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 Wood, Pennsylvania
Property taxes in WOOD, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in WOOD is 6.70%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within WOOD set these rates annually, and they can vary significantly across different neighborhoods. Each year, WOOD 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 WOOD's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16694 zip code has the highest median property tax rate of 6.70%, while the same zip code also has the lowest median tax rate of 6.70%. Understanding how these cities compare with WOOD provides valuable insights into the varying tax landscape across Huntingdon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wood Tax Rate
6.70%
Average Huntingdon County Tax Rate
5.91%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16694 | 2.48% | 5.19% | 6.70% | 6.70% | 6.70% |
Source: Ownwell
Property Tax Assessment Values Across Wood, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wood, Pennsylvania. 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 Huntingdon County Appraisal District 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 Wood, 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. The median home price in Wood is $40,900, with tax bills ranging from $1,881 at the 25th percentile to $3,195 at the 90th percentile. Notably, the highest and lowest median tax bills both stand at $2,741 in the 16694 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Wood Assessed Value
$40,900
Average Huntingdon County Assessed Value
$15,500
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16694 | $19,850 | $30,875 | $40,900 | $45,825 | $47,670 |
Source: Ownwell
Property Tax Bills Across Wood, Pennsylvania
In WOOD, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $40,900 in WOOD, homeowners can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,881, while the 75th percentile tax bill reaches approximately $3,071. At the 90th percentile, homeowners may see tax bills as high as $3,195. These figures highlight the variation in property taxes within the city, influenced by factors such as property location, market conditions, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, WOOD's property taxes can be relatively high, impacting homeowners' annual expenses and overall affordability. Understanding these factors is crucial for homeowners to budget effectively and anticipate their financial obligations.
Average Wood Tax Bill
$2,741
Average Huntingdon County Tax Bill
$782
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16694 | $803 | $1,881 | $2,741 | $3,071 | $3,195 |
Source: Ownwell