Trout Run, Pennsylvania Property Taxes
The median property tax rate in Trout Run, PA is 2.51%, which is considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Trout Run at $73,350, the typical annual property tax bill reaches $1,812, exceeding the national median of $2,690. Property taxes in Trout 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 Trout 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 Trout Run 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
Trout Run, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.51%
Estimate Property Tax Bill
$1,841
Ownwell’s Trout Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trout Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trout 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 Trout Run, Pennsylvania
Property taxes in Trout Run, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trout Run is 2.51%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Trout Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trout 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 Trout Run's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 17771 zip code has the highest median property tax rate of 2.51%, while the same zip code also has the lowest median tax rate of 2.51%. Understanding how these cities compare with Trout Run provides valuable insights into the varying tax landscape across Lycoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Trout Run Tax Rate
2.51%
Average Lycoming County Tax Rate
2.61%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trout Run, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17771 | 2.38% | 2.38% | 2.51% | 2.54% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Trout Run, Pennsylvania
In Trout 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 Lycoming 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 Trout 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. Being aware of these valuation processes in Trout Run helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,812, found in the 17771 zip code.
Average Trout Run Assessed Value
$73,350
Average Lycoming County Assessed Value
$87,660
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Trout Run, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17771 | $20,520 | $42,120 | $73,350 | $103,370 | $138,750 |
Source: Ownwell
Property Tax Bills Across Trout Run, Pennsylvania
In Trout Run, Lycoming County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the tax bill. For instance, the median home price in Trout Run is $73,350. Homeowners in the 25th percentile can expect a tax bill around $1,042, while those in the 75th percentile may see bills up to $2,528. The 90th percentile tax bill can reach as high as $3,424. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. The property tax rate in Trout Run is notably higher than the national median property tax rate of 0.99%, which can significantly impact homeowners' annual expenses. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Trout Run Tax Bill
$1,812
Average Lycoming County Tax Bill
$2,556
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Trout Run, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17771 | $486 | $1,042 | $1,812 | $2,528 | $3,424 |
Source: Ownwell