Turtlepoint, Pennsylvania Property Taxes
The median property tax rate in Turtlepoint, PA is 3.14%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $38,480 in Turtlepoint, the typical annual property tax bill is $921, which is still below the national median of $2,690. Property taxes in Turtlepoint are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Turtlepoint'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 Turtlepoint or another part of McKean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Turtlepoint, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$1,208
Ownwell’s Turtlepoint Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Turtlepoint with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Turtlepoint 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 Turtlepoint, Pennsylvania
Property taxes in Turtlepoint, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Turtlepoint is 3.14%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Turtlepoint set these rates annually, and they can vary significantly across different neighborhoods. Each year, Turtlepoint 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 Turtlepoint's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 16750 has the highest median property tax rate of 3.14%, while the same zip code also has the lowest median tax rate of 3.14%. Understanding how these figures compare with Turtlepoint 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 Turtlepoint Tax Rate
3.14%
Average Mckean County Tax Rate
3.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Turtlepoint, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16750 | 2.04% | 2.50% | 3.14% | 3.14% | 3.14% |
Source: Ownwell
Property Tax Assessment Values Across Turtlepoint, Pennsylvania
In Turtlepoint, 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 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 Turtlepoint, 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 Turtlepoint helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 16750 in Turtlepoint has the highest median tax bill at $921.00.
Average Turtlepoint Assessed Value
$38,480
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 Turtlepoint, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16750 | $9,138 | $19,600 | $38,480 | $76,710 | $159,094 |
Source: Ownwell
Property Tax Bills Across Turtlepoint, Pennsylvania
In Turtlepoint, McKean County, PA, property tax bills are calculated based on the assessed value of a property, which is determined by local government assessors. The assessed value is a percentage of the property's market value. Homeowners then apply the local tax rate to this assessed value to determine their annual property tax bill. Various factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, in Turtlepoint, the median home price is $38,480. Homeowners in the 25th percentile of tax bills pay around $503 annually, while those in the 75th percentile pay approximately $2,069. The 90th percentile sees tax bills as high as $3,783. Comparatively, the national median property tax rate is 0.99%, which can help homeowners gauge how their local taxes stack up against the broader national landscape. High property taxes can significantly impact homeowners, affecting their overall cost of living and long-term financial planning.
Average Turtlepoint Tax Bill
$921
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Turtlepoint, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16750 | $287 | $503 | $921 | $2,069 | $3,783 |
Source: Ownwell