Millrift, Pennsylvania Property Taxes
The median property tax rate in Millrift, PA is 4.02%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $71,900 in Millrift, the typical annual property tax bill is $2,891, surpassing the national median of $2,690. Property taxes in Millrift are determined based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Millrift'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 Millrift or another part of Pike County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millrift, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.02%
Estimate Property Tax Bill
$2,890
Ownwell’s Millrift Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millrift with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millrift 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 Millrift, Pennsylvania
Property taxes in Millrift, Pennsylvania, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Millrift is 4.02%, significantly higher than the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Millrift set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millrift 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 Millrift's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 18340 has both the highest and lowest median property tax rate of 4.02%. Understanding how these areas compare with Millrift provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millrift Tax Rate
4.02%
Average Pike County Tax Rate
3.72%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millrift, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18340 | 4.02% | 4.02% | 4.02% | 4.02% | 4.02% |
Source: Ownwell
Property Tax Assessment Values Across Millrift, Pennsylvania
In Millrift, PA, 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 Pike County Appraisal District 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 Millrift, 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 Millrift 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 both stand at $2,891 in the 18340 zip code.
Average Millrift Assessed Value
$71,900
Average Pike County Assessed Value
$106,483
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millrift, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18340 | $39,056 | $49,272 | $71,900 | $106,024 | $113,425 |
Source: Ownwell
Property Tax Bills Across Millrift, Pennsylvania
In Millrift, located in Pike County, PA, property tax bills are determined based on the assessed value of a home. The assessed value is an estimate of the property’s market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Millrift, the median home price is $71,900. The property tax bill can vary significantly, with the 25th percentile tax bill at $1,981 and the 75th percentile tax bill at $4,264. For those at the 90th percentile, the tax bill can reach as high as $4,560. This variability reflects differences in property values and the specific tax rates applied. Comparatively, the national median property tax rate is 0.99%, which can help homeowners in Millrift gauge how their local tax bills measure up against the national average. Understanding these factors is crucial for homeowners as property taxes represent a significant annual expense and can impact overall affordability and financial planning.
Average Millrift Tax Bill
$2,891
Average Pike County Tax Bill
$3,676
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Millrift, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18340 | $1,570 | $1,981 | $2,891 | $4,264 | $4,560 |
Source: Ownwell