Genesee, Pennsylvania Property Taxes
The median property tax rate in Genesee, PA is 6.32%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Genesee, the typical annual property tax bill reaches $1,262, exceeding the national median of $2,690. Property taxes in Genesee 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 Genesee'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 Genesee 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
Genesee, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.32%
Estimate Property Tax Bill
$1,315
Ownwell’s Genesee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genesee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genesee 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 Genesee, Pennsylvania
Property taxes in Genesee, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genesee is 6.32%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Genesee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genesee 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 Genesee's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16923 zip code has the highest median property tax rate of 6.32%, while the 16941 zip code has the lowest median tax rate of 5.69%. Understanding how these cities compare with Genesee 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 Genesee Tax Rate
6.32%
Average Potter County Tax Rate
6.53%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genesee, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16923 | 4.90% | 5.88% | 6.32% | 6.45% | 6.45% |
| 16941 | 5.19% | 5.38% | 5.69% | 6.01% | 6.20% |
Source: Ownwell
Property Tax Assessment Values Across Genesee, Pennsylvania
In Genesee, 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 Genesee, 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 Genesee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,352 in the 16941 zip code, while the lowest is $1,238 in the 16923 zip code.
Average Genesee Assessed Value
$20,800
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 Genesee, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16923 | $8,200 | $13,500 | $20,800 | $35,220 | $59,430 |
| 16941 | $20,781 | $22,072 | $24,225 | $26,378 | $27,669 |
Source: Ownwell
Property Tax Bills Across Genesee, Pennsylvania
In Genesee, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, the median home price in Genesee is $20,800. Homeowners in Genesee can expect varying tax bills depending on their property's assessed value. At the 25th percentile, the tax bill is around $906, while at the 75th percentile, it rises to approximately $1,761. Those in the 90th percentile face tax bills as high as $2,327. Compared to the national median property tax rate of 0.99%, Genesee's tax rates can significantly impact homeowners, making it essential to understand these factors. The highest median tax bill in the area is $1,352 in zip code 16941, while the lowest is $1,238 in zip code 16923, reflecting slight variations within the county.
Average Genesee Tax Bill
$1,262
Average Potter County Tax Bill
$970
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Genesee, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16923 | $490 | $901 | $1,238 | $1,787 | $2,333 |
| 16941 | $1,278 | $1,306 | $1,352 | $1,398 | $1,425 |
Source: Ownwell