Springs, Pennsylvania Property Taxes
The median property tax rate in Springs, PA is 1.97%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Springs at $63,500, the typical annual property tax bill reaches $1,253, exceeding the national median of $2,690. Property taxes in Springs 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 Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Springs 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
Springs, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.97%
Estimate Property Tax Bill
$1,251
Ownwell’s SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRINGS 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 Springs, Pennsylvania
Property taxes in Springs, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springs is 1.97%, significantly higher than the U.S. national median of 0.99%. Local government entities within Springs set these rates annually, and they can vary across different neighborhoods. Each year, Springs 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 Springs' effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 15562 has the highest median property tax rate of 1.97%, while the same zip code also has the lowest median tax rate of 1.97%. Understanding how these cities compare with Springs provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springs Tax Rate
1.97%
Average Somerset County Tax Rate
2.69%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springs, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15562 | 1.97% | 1.97% | 1.97% | 1.97% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Springs, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Springs, Pennsylvania. 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 Somerset 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 Springs, 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 Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest and lowest median tax bills in Springs are both $1,253, found in the zip code 15562. This knowledge can be pivotal for homeowners aiming to reduce their property tax liabilities.
Average Springs Assessed Value
$63,500
Average Somerset County Assessed Value
$50,500
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springs, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15562 | $38,756 | $48,400 | $63,500 | $78,990 | $94,888 |
Source: Ownwell
Property Tax Bills Across Springs, Pennsylvania
In Springs, located in Somerset County, PA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor and is meant to reflect the market value of the home. For instance, with a median home price of $63,500, homeowners can expect their property tax bill to be influenced by this valuation. The tax rate in Somerset County is applied to the assessed value to determine the annual tax bill. Factors such as property location within specific zip codes can also influence the tax amount. For example, the median tax bill in the 15562 zip code is $1,253. Homeowners in Springs can expect tax bills ranging from $955 at the 25th percentile to $1,873 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Springs homeowners experience a range of tax obligations that reflect both the local market conditions and county-specific tax rates. Understanding these factors helps homeowners anticipate their annual tax liabilities and plan accordingly.
Average Springs Tax Bill
$1,253
Average Somerset County Tax Bill
$1,299
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Springs, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15562 | $765 | $955 | $1,253 | $1,559 | $1,873 |
Source: Ownwell