Tobyhanna, Pennsylvania Property Taxes
The median property tax rate in Tobyhanna, PA is 0.73%, significantly lower than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $86,890 in Tobyhanna, the typical annual property tax bill amounts to $705, well below the national median of $2,690. Property taxes in Tobyhanna are based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Tobyhanna's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tobyhanna or another part of Monroe County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tobyhanna, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$634
Ownwell’s Tobyhanna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tobyhanna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tobyhanna 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tobyhanna, Pennsylvania
Property taxes in Tobyhanna, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tobyhanna is 0.73%, which is lower than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Tobyhanna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tobyhanna 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 Tobyhanna's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the 18466 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these areas compare with Tobyhanna 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 Tobyhanna Tax Rate
0.73%
Average Monroe County Tax Rate
0.59%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tobyhanna, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18466 | 0.73% | 0.73% | 0.73% | 0.73% | 3.42% |
Source: Ownwell
Property Tax Assessment Values Across Tobyhanna, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tobyhanna, PA. The market value represents 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 Monroe County 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 Tobyhanna, 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. In Tobyhanna, the highest and lowest median tax bills are both $705, found in the zip code 18466. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Tobyhanna, Pennsylvania
Source: Ownwell
$70,390
$620,630
$1,170,870
Average Tobyhanna Assessed Value
$86,890
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 Tobyhanna, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18466 | $51,938 | $62,750 | $86,890 | $121,205 | $164,830 |
Source: Ownwell
Property Tax Bills Across Tobyhanna, Pennsylvania
In Tobyhanna, property tax bills are calculated based on the assessed value of a homeowner's property, which is determined by the Monroe County tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the property's market value, location, and any applicable exemptions or abatements are considered in this assessment process. For homeowners in Tobyhanna, the median home price is $86,890. Property tax bills can vary significantly, with the 25th percentile tax bill at $490 and the 75th percentile reaching $1,125. At the 90th percentile, homeowners may see tax bills as high as $1,991. The median tax bill in the area stands at $705, which is lower than the national median property tax rate of 0.99%. This means that while property taxes in Tobyhanna can be substantial, they are generally more affordable compared to many other regions in the United States, providing some relief to local homeowners.
Average Tobyhanna Tax Bill
$705
Average Monroe County Tax Bill
$814
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Tobyhanna, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18466 | $392 | $490 | $705 | $1,125 | $1,991 |
Source: Ownwell