Covington Township, Pennsylvania Property Taxes
The median property tax rate in Covington Township, PA is 2.30%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Covington Township at $154,800, the typical annual property tax bill reaches $3,565, exceeding the national median of $2,690. Property taxes in Covington Township 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 Covington Township'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 Covington Township 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
Covington Township, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$3,560
Ownwell’s Covington Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington Township 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 Covington Township, Pennsylvania
Property taxes in Covington Township, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington Township is 2.30%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Covington Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington Township 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 Covington Township's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18424 zip code has the highest median property tax rate of 2.30%, while the same zip code also has the lowest median tax rate of 2.30%. Understanding how these cities compare with Covington Township provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Covington Township Tax Rate
2.30%
Average Wayne County Tax Rate
2.19%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington Township, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18424 | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Covington Township, Pennsylvania
In Covington Township, 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 Wayne 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 Covington Township, 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 Covington Township 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 are both $3,565, found in zip code 18424.
Property Tax Assessment Values Across Covington Township, Pennsylvania
Source: Ownwell
$7,000
$250,600
$494,200
Average Covington Township Assessed Value
$154,800
Average Wayne County Assessed Value
$179,900
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington Township, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18424 | $119,200 | $132,550 | $154,800 | $177,050 | $190,400 |
Source: Ownwell
Property Tax Bills Across Covington Township, Pennsylvania
In Covington Township, Wayne 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 example, with the median home price in Covington Township being $154,800, homeowners can expect their tax bills to vary significantly. The property tax rate in this region can lead to substantial tax bills. The 25th percentile tax bill is $3,053, while the 75th percentile tax bill reaches $4,078. For those at the higher end, the 90th percentile tax bill is $4,385. These numbers indicate that property taxes in Covington Township can be quite burdensome compared to the national median property tax rate of 0.99%. Homeowners should be aware that higher property taxes can impact their annual budgets and overall financial planning. Understanding how property tax bills are calculated can help residents manage their finances more effectively and anticipate future tax obligations.
Average Covington Township Tax Bill
$3,565
Average Wayne County Tax Bill
$4,013
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington Township, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18424 | $2,745 | $3,053 | $3,565 | $4,078 | $4,385 |
Source: Ownwell