Galeton, Pennsylvania Property Taxes
The median property tax rate in Galeton, PA is 6.53%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Galeton, the typical annual property tax bill reaches $896, which is below the national median of $2,690. Property taxes in Galeton 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 Galeton'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 Galeton 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
Galeton, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.53%
Estimate Property Tax Bill
$917
Ownwell’s Galeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galeton 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 Galeton, Pennsylvania
Property taxes in Galeton, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galeton is 6.53%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Galeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galeton 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 Galeton's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 16922 has the highest median property tax rate of 6.53%, while the same zip code also has the lowest median tax rate of 6.53%. Understanding how these cities compare with Galeton provides valuable insights into the varying tax landscape across Potter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galeton Tax Rate
6.53%
Average Potter County Tax Rate
6.53%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galeton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16922 | 5.13% | 6.53% | 6.53% | 6.53% | 8.89% |
Source: Ownwell
Property Tax Assessment Values Across Galeton, Pennsylvania
In Galeton, 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 Potter 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 Galeton, 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. The median home price in Galeton is $14,040, with tax bills ranging from $554 at the 25th percentile to $2,119 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 16922, with a median tax bill of $896. 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 Galeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Galeton Assessed Value
$14,040
Average Potter County Assessed Value
$13,240
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galeton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16922 | $4,136 | $8,320 | $14,040 | $24,660 | $37,534 |
Source: Ownwell
Property Tax Bills Across Galeton, Pennsylvania
In Galeton, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. For example, in Potter County, the median home price is $14,040. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $554 and the 75th percentile reaching $1,441. The highest median tax bill in the area is $896, found in the 16922 zip code. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Galeton's rates can be considered relatively moderate. This variability in tax bills can impact homeowners' finances, making it crucial for them to understand how their property is assessed and what exemptions or appeals might be available to them. Understanding these elements can help homeowners better manage their property tax obligations.
Average Galeton Tax Bill
$896
Average Potter County Tax Bill
$970
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Galeton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16922 | $325 | $554 | $896 | $1,441 | $2,119 |
Source: Ownwell