Penn Run, Pennsylvania Property Taxes
The median property tax rate in Penn Run, PA is 1.49%, considerably higher than the national median of 0.99%, but lower than the Pennsylvania state median of 2.81%. With the median home value in Penn Run at $112,100, the typical annual property tax bill reaches $1,839, falling below the national median of $2,690. Property taxes in Penn Run 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 Penn Run'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 Penn Run or another part of Indiana County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Penn Run, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$1,670
Ownwell’s Penn Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Penn Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penn Run 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 Penn Run, Pennsylvania
Property taxes in Penn Run, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penn Run is 1.49%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Penn Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penn Run 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 Penn Run's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15765 zip code has both the highest and lowest median property tax rate of 1.49%. Understanding how these areas compare with Penn Run provides valuable insights into the varying tax landscape across Indiana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Penn Run Tax Rate
1.49%
Average Indiana County Tax Rate
2.03%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penn Run, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15765 | 1.49% | 1.49% | 1.49% | 1.66% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Penn Run, Pennsylvania
In Penn Run, 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 Indiana 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 Penn Run, 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. The median home price in Penn Run is $112,100, with tax bills ranging from $1,082 at the 25th percentile to $3,833 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Penn Run Assessed Value
$112,100
Average Indiana County Assessed Value
$98,600
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Penn Run, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15765 | $25,800 | $62,800 | $112,100 | $163,100 | $231,960 |
Source: Ownwell
Property Tax Bills Across Penn Run, Pennsylvania
In Penn Run, Indiana County, PA, property tax bills are determined based on the assessed value of the property, which is a percentage of its market value. Homeowners in this area experience a range of property tax bills, with the median home price at $112,100. The tax bill can vary significantly; at the 25th percentile, it stands at $1,082, while at the 75th percentile, it reaches $2,667. For those at the 90th percentile, the tax bill can be as high as $3,833. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark. Factors influencing these tax bills include property size, location, and any improvements made. These tax obligations can significantly impact homeowners, affecting their monthly budgets and long-term financial planning. In Indiana County, the highest median tax bill recorded is $1,839, specifically in the 15765 zip code, which underscores the variability within the region.
Average Penn Run Tax Bill
$1,839
Average Indiana County Tax Bill
$2,051
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Penn Run, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15765 | $470 | $1,082 | $1,839 | $2,667 | $3,833 |
Source: Ownwell