Kane, Pennsylvania Property Taxes
The median property tax rate in Kane, PA is 3.45%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Kane at $23,320, the typical annual property tax bill reaches $780, surpassing the national median of $2,690. Property taxes in Kane 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 Kane'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 Kane 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
Kane, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.45%
Estimate Property Tax Bill
$805
Ownwell’s Kane Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kane with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kane 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 Kane, Pennsylvania
Property taxes in Kane, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kane is 3.45%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Kane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kane 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 Kane's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 16735 has the highest median property tax rate of 3.45%, while the same zip code also has the lowest median tax rate of 3.45%. Understanding how these cities compare with Kane provides valuable insights into the varying tax landscape across McKean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kane Tax Rate
3.45%
Average Mckean County Tax Rate
3.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kane, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16735 | 2.89% | 3.06% | 3.45% | 3.45% | 3.90% |
Source: Ownwell
Property Tax Assessment Values Across Kane, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kane, 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 McKean 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 Kane, 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. For example, the median home price in Kane is $23,320, with tax bills ranging from $473 at the 25th percentile to $2,557 at the 90th percentile. The highest median tax bill is found in the 16735 zip code, amounting to $780. 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 Kane Assessed Value
$23,320
Average Mckean County Assessed Value
$23,400
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kane, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16735 | $8,848 | $13,995 | $23,320 | $45,030 | $86,444 |
Source: Ownwell
Property Tax Bills Across Kane, Pennsylvania
In Kane, located in McKean County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Kane is $23,320. Property taxes are influenced by the local tax rate and the assessed value, resulting in varying tax bills across different percentiles. For instance, homeowners in the 25th percentile pay around $473 annually, while those in the 75th percentile see tax bills of approximately $1,421. At the 90th percentile, the tax bill can reach up to $2,557. These tax bills are significantly impacted by the local tax rate and the value of the property. Compared to the national median property tax rate of 0.99%, Kane's property tax bills provide a range of financial responsibilities for homeowners. The highest and lowest median tax bills in Kane are both recorded at $780 in the zip code 16735. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Kane Tax Bill
$780
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Kane, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16735 | $302 | $473 | $780 | $1,421 | $2,557 |
Source: Ownwell