Troy, Pennsylvania Property Taxes
The median property tax rate in Troy, PA is 2.77%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Troy, the typical annual property tax bill reaches $1,723, exceeding the national median of $2,690. Property taxes in Troy 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 Troy'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 Troy 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
Troy, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.77%
Estimate Property Tax Bill
$1,804
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Pennsylvania
Property taxes in Troy, Pennsylvania, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 2.77%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16947 zip code has the highest median property tax rate of 2.77%, while the lowest median tax rate is also 2.77% in the same zip code. Understanding how these cities compare with Troy provides valuable insights into the varying tax landscape across Tioga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Troy Tax Rate
2.77%
Average Tioga County Tax Rate
2.81%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16947 | 2.36% | 2.60% | 2.77% | 2.77% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Pennsylvania
In Troy, 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 Tioga 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,723 in the zip code 16947.
Average Troy Assessed Value
$65,130
Average Tioga County Assessed Value
$70,440
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Troy, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16947 | $28,208 | $45,220 | $65,130 | $93,215 | $136,204 |
Source: Ownwell
Property Tax Bills Across Troy, Pennsylvania
In Troy, located in Tioga 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 assessor and is meant to represent the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $65,130, homeowners in Troy can expect varying tax bills. The tax bill at the 25th percentile is around $1,178, while at the 75th percentile, it rises to approximately $2,404. Those at the higher end, in the 90th percentile, see tax bills nearing $3,288. This variability is influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Troy's rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors can help homeowners better anticipate and manage their annual tax obligations.
Average Troy Tax Bill
$1,723
Average Tioga County Tax Bill
$1,960
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16947 | $735 | $1,178 | $1,723 | $2,404 | $3,288 |
Source: Ownwell