Cresco, Pennsylvania Property Taxes
The median property tax rate in Cresco, PA is 0.45%, considerably lower than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Cresco, the typical annual property tax bill reaches $694, significantly below the national median of $2,690. Property taxes in Cresco 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 Cresco'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 Cresco or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cresco, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$586
Ownwell’s Cresco Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cresco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cresco 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 Cresco, Pennsylvania
Property taxes in Cresco, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cresco is 0.45%, lower than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Cresco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cresco 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 Cresco's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 18326 has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Cresco provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cresco Tax Rate
0.45%
Average Monroe County Tax Rate
0.59%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cresco, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18326 | 0.39% | 0.45% | 0.45% | 0.58% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Cresco, Pennsylvania
In Cresco, 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 Monroe 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 Cresco, 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 Cresco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cresco are both $694, found in the zip code 18326.
Average Cresco Assessed Value
$130,260
Average Monroe County Assessed Value
$134,550
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cresco, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18326 | $57,482 | $92,950 | $130,260 | $175,100 | $238,214 |
Source: Ownwell
Property Tax Bills Across Cresco, Pennsylvania
In Cresco, Monroe County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Cresco, the median home price is $130,260, which provides a baseline for understanding potential tax obligations. The tax bill can vary significantly, with the 25th percentile at $476 and the 75th percentile at $1,013, indicating a broad range due to factors like property size, location, and any applicable exemptions. Comparatively, the highest median tax bill in Cresco is $694, which is relatively modest when considering the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Cresco residents. Understanding how these factors come together helps homeowners anticipate and manage their annual tax responsibilities effectively.
Average Cresco Tax Bill
$694
Average Monroe County Tax Bill
$814
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Cresco, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18326 | $299 | $476 | $694 | $1,013 | $1,890 |
Source: Ownwell